Stock Market Drops 700+ Points As Trump Declares Himself 'Tariff Man'

President Donald Trump declared himself

President Donald Trump declared himself"Tariff Man in a tweet that contributed to investors fears about the tenuous US-China trade truce

It also said China has agreed to start purchasing agricultural products from USA farmers immediately.

The stock market jumped after the news was announced. And Treasury Secretary Steven Mnuchin said Tuesday on the Fox Business Network that China agreed to buy $1.2 trillion of USA products, but added, "if that's real" it would close the trade deficit with China and said "we have to have a negotiated agreement and have this on paper".

"China trade truce because China has agreed to start buying agricultural products from American farmers immediately", said Monica Tu, an analyst at researcher Shanghai JC Intelligence Co.

Following the Trump-Xi talks, which took place over dinner at the end of the G20 summit, Washington agreed to hold off on Trump's threat to slap 25 per cent tariffs on United States dollars 200 billion worth of Chinese goods from January 1, leaving them at the current 10 per cent rate. Per the president's post, a delegation of USA officials will hold negotiations with the Chinese side.

"When people or countries come in to raid the great wealth of our Nation, I want them to pay for the privilege of doing so".

President Trump and President Xi have 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. "It will always be the best way to max out our economic power", he said.

However, Trump held out the possibility of an extension. Unless extended, they will end 90 days from the date of our wonderful and very warm dinner with President Xi in Argentina.

In return, China is to purchase "very substantial" amounts of agricultural, energy, industrial and other products from the United States.

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Instead, Kudlow said a proposed gesture to reduce auto tariffs to zero would serve as a "litmus test" on China's commitments to fulfill a broad strokes agreement reached between the two leaders.

Most particularly, one of the results of the G20 is that US President Donald Trump backtracked on plans of raising tariffs on $200 billion worth of Chinese products from 10 percent to 25 percent starting from January 1, 2019, stressing the necessity of talks with Beijing and threatening to persist with his plans if they don't move any further.

Treasury Secretary Steven Mnuchin said on CNBC the USA and Chinese had "very specific discussions" in Buenos Aires Saturday evening on steps to defuse their conflict, which involves hundreds of billions in bilateral trade and had roiled world markets for months.

The tweet comes after the USA and China emphasized different results from Sunday's high-stakes meeting between Trump and Xi.

China's ambassador to the United States brushed off questions about the different accounts of the Trump-Xi meeting.

"But if a fair deal is able to be made with China, one that does all of the many things we know must be finally done, I will happily sign", Trump said.

"The market isn't impressed", said Darin Friedrichs, Shanghai-based consultant at INTL FCStone.

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