Trump calls himself 'Tariff Man' during raging tweetstorm, and markets tank

President Donald Trump declared himself

Both the nature of the agreement and some of its detail were described quite differently by administration officials, with Trump's senior economic adviser, Larry Kudlow saying that the commitments China gave were "stuff that they're going to look at and presumably implement" and that there was no specific agreement on auto tariffs.

The U.S. and China have announced only vague commitments and started a 90-day clock to try to reach a trade deal, but Trump has repeatedly cited specific agreements from China that Beijing has yet to confirm. The slump in the U.S. markets on Tuesday after the president called himself "Tariff Man" was proof, he said, that if "you live by the stock exchange, you die by the stock exchange".

China only recently signaled that it may back off from its strict foreign ownership requirements for vehicle factories.

According to the White House, the US will still keep in place $200 billion of tariffs on Chinese imports but will not increase those tariffs from 10 percent to 25 percent after the start of the year as originally planned.

The sources said the Chinese were surprised by the decision, having dealt mainly with Treasury Secretary Steven Mnuchin on trade issues in the past.

Trump recently voiced frustration with General Motors' decision to close a handful of North American factories, including a plant near an OH city where he promised voters that jobs would finally be coming back under his leadership.

Under the sarcastic headline, "You Don't Understand Tariffs, Man", the Times highlighted the fact that Trump's impulsive attempts at economic policies have hurt farmers and manufacturers alike, as reflected in Tuesday's stock market plunge.

Trump agreed he will leave the tariffs on $200 billion worth of Chinese products at 10 percent, and not raise it to 25 percent as he has threatened to do January 1, according to a White House statement. Many Democrats and Republicans, as well as global leaders, have agreed with Trump's assessment, and he has taken an adversarial approach with Beijing, saying he believes this is the only way to force changes.

Chinese officials are puzzled and irritated by the administration's shaky handling of the meeting's aftermath, according to a former United States government official who has been in contact with them.

CHINESE PURCHASES OF US GOODS The White House said China will agree to purchase a not yet agreed upon, but very substantial, amount of agricultural, energy, industrial, and other products from the United States.

More news: Trump sends mixed messages on tariff negotiations with China

Lacking that, we may need a hero to stand against the threat of Tariff Man.

Wang added that the two also agreed to open markets to each other, and that China will work to gradually resolve U.S. concerns in the process of further opening-up.

Trump nevertheless praised himself for the dinner, and abandoned nuance in claiming on Twitter that China had agreed to immediately buy more US farm products, in addition to dropping auto tariffs.

However, there are differences in both countries' official accounts of what was agreed.

Despite Mnuchin's earlier comments on President Trump leading trade negotiations with China, .

At his political rallies and news conferences, Trump often praises the increase in USA military spending during his almost two years in the White House.

Trump and Xi also agreed to immediately begin negotiations on structural changes with respect to forced technology transfer, intellectual property protection, non-tariff barriers, cyber intrusions and cyber theft, services and agriculture, according to the White House statement.

U.S. President Donald Trump said in a series of tweets Tuesday that talks to secure a trade deal with China "have already started" and if a "fair deal" is reached, "I will happily sign it".

Larry Kudlow, the White House's top economic adviser, said he couldn't speak to the reason why Beijing didn't include a timeframe in its own statement following the leader's dinner.

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