Xi promised the cut in auto tariffs alongside a series of other measures to further open up China's economy to the wider world during a speech at a development conference on the Chinese island of Hainan.

President Xi Jinping has promised to cut auto import taxes, open China's markets and improve conditions for foreign companies in a speech that called for global cooperation against a backdrop of a spiralling dispute with Washington over trade and technology.

"Taxes will become reciprocal & deal will be made on Intellectual Property".

The Trump administration has said it is taking action as a crackdown on China's theft of US intellectual property.

Although most of Xi's measures were previously announced, Asian markets and USA futures rallied.

Speaking at a Cabinet meeting, Trump addressed the Chinese threat to slap tariffs on soybeans and other agriculture staples grown in rural America, a move that could hit Midwestern farmers, many of whom are strong supporters of the president. "China will take down its Trade Barriers because it is the right thing to do".

Mr Trump has threatened to raise tariffs on Chinese goods worth $50bn (€40bn) in response to complaints Beijing pressures foreign companies to hand over technology in violation of its market-opening pledges. China has already proposed new tariffs on $50 billion of U.S. goods and threatened to retaliate further.

Trump also said the U.S.is close to negotiating an update to the North American Free Trade Agreement. The speech was free of the nationalist bluster that increasingly marks Chinese official statements and repeatedly called for global cooperation.

"Oil prices have been susceptible to the brewing trade tensions between China and the USA ..."

Of note, Xi told the forum that globalisation is an irreversible trend, adding that China will do its part by taking major measures to open up its economy as soon as possible and widen market access to foreign-funded firms.

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He also promised to encourage "normal technological exchange" and to "protect the lawful ownership rights of foreign enterprises".

Trump was referring to China's threats to impose tariffs on US soybeans, frozen beef and other agricultural goods, which have already pushed down prices for those commodities.

The dispute is likely to end "with a concession from China", said Larry Hu of Macquarie Group in a report.

"We look forward to seeing these strategies elaborated, implemented and bearing fruit", Lee said, according to a transcript issued by his office.

Trump complained as recently as Monday about China's 25% tariff on foreign cars, pointing out that it's far higher than the 2.5% tariff the United States charges for vehicle imports. Treasury Secretary Steven Mnuchin has been speaking to Chinese Vice Premier Liu He about trade issues, with the USA pressing for more access on autos and financial services.

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But he said the White House is willing to negotiate and is in regular contact with Chinese officials.

In addition to threatening penalties on American goods, China has also asked the business community in the United States and elsewhere to protest the planned Trump tariffs.

Xi gave no details on how those conditions might change, leaving it unclear whether that might mollify Washington. "President Xi was trying to strike a balance today", said Myron Brilliant, executive vice president of the U.S. Chamber of Commerce.

Washington has long pressed Beijing to level the playing field for foreign companies in China, which remain excluded from certain sectors such as services. "We have a genuine desire to increase imports and achieve a greater balance of global payments". "Cold war thinking and zero-sum games are increasingly obsolete".

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The body appears to be that of an African American female, but the age and identity could not immediately be determined, said Lt. Investigators said they believed the driver deliberately sped the SUV , with the six adoptive children inside, off the cliff.