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

What Trump Expects by Giving China a 90-Day Tariffs Break

‘I am a tariff man’: Trump warns China against raiding ‘great wealth’ of US as trade talks start

Mr. Trump told supporters on Twitter that he will "happily sign" any deal with China that he considers fair. In doing so, he spread confusion and sent the stock market tumbling while essentially threatening a trade war against China over what his administration perceives as trade abuses.

He said for the first time there was "a clear path" to reduce the United States trade deficit with China to zero.

Asked why the auto tariffs weren't mentioned in statements the USA and China issued after the dinner, Kudlow inexplicably insisted that they were.

Trump's economic team has spun his knee-jerk protectionism as a tactic created to negotiate "better" trade deals - but so far, those better trade deals don't seem to be stronger than the status quo ante.

In his briefing with reporters, Kudlow said he assumed that the Chinese would eventually drop their auto tariffs altogether.

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Since a great deal of social media simply cannot look away from these tweets, you can guess what happened next.

White House economic adviser Larry Kudlow said earlier this week the US won Chinese commitments to buy more than $1 trillion in American products.

The 90-day truce in the escalating trade war between the US and China came during a dinner meeting between the two presidents following the G-20 summit of the world's biggest economies in Buenos Aires. The tariff had been previously set at 15%, but was ratcheted it up to 40% as part of a series of retaliatory measures taken by China against the US.

Trump said China had committed to buying large amounts of USA agricultural products and completely removing all tariffs on U.S. automobiles, a huge shift from its current 40 per cent penalty, although China hasn't confirmed this.

A lack of detail from the Chinese side has left investors and analysts wondering if Trump's exuberance is warranted, and if details touted by the White House but left out of Chinese reporting on the agreement are in question. "China is willing to increase imports in accordance with the needs of its domestic markets and the people's needs, Wang said, "including marketable products from the United States, to gradually ease the imbalance in two-way trade". Trump jolted vehicle stocks by announcing a deal had been reached.

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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. In September, Washington went still further and announced 10 percent import duties on $200 billion worth of Chinese goods.

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

"Stuff is happening today", Kudlow said.

"The window of doing bean business to China is getting really skinny, nearly to the point where it is closed", said Roy Huckabay, of Linn and Associates, a Chicago brokerage.

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.

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