Donald Trump says he believes Xi Jinping is honest on trade

DEVELOPING: US-China trade uncertainty fuels market plunge

A statement from an unnamed Chinese official said only that the negotiations with the US had a "clear timeline and road map" that China aimed to implement.

Amid a series of morning tweets that seemed to contradict his administration's claims about a supposed trade deal between the US and China, President Donald Trump declared himself to be "Tariff Man".

"Very strong signals being sent by China once they returned home from their long trip, including stops, from Argentina".

After the meeting, Washington agreed to hold off on Trump's threat to raise tariffs on $200 billion in Chinese imports to 25 percent beginning January 1, leaving them at the current 10 percent rate.

Trump, however, has threatened to slap tariffs on auto imports from Europe and other countries, citing US trade deficits with those nations.

In addition, Treasury Secretary Steven Mnuchin said Tuesday on the Fox Business Network that China agreed to buy $1.2 trillion of USA products.

White House trade adviser Peter Navarro on the trade truce between the USA and China.

For their part, Trump and White House officials have promoted the apparent US-China agreement in Buenos Aires as a historic breakthrough that would ease trade tensions and potentially reduce tariffs - even though Beijing has not confirmed that it made most of the concessions that the Trump administration has claimed. But when Trump announced broad new US tariffs on Chinese made goods, the Beijing government raised duties specifically on American made automobiles and parts.

The US expects China to take immediate action to cut tariffs on US auto imports and end intellectual property theft and forced technology transfers as the two countries move toward a broader trade deal, Kudlow, director of the White House National Economic Council, said Monday.

China pledged to buy more from the United States and the White House said the two sides would negotiate "structural changes" to thorny issues plaguing relations, but few details and no dollar amounts were disclosed.

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The president added: "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".

Kudlow also said the goal was to eliminate all tariffs on any imports, which is a departure from what Trump wrote on Tuesday in a Twitter post, when he said he was a "tariff man".

Trump has long accused China of unfair trade practices that hurt Americans and the U.S. economy.

Megan Greene, chief economist at Manulife, said the market's recent decline had likely contributed to Trump's willingness to reach a truce.

U.S. Trade Representative Robert Lighthizer is taking over as lead negotiator from Mnuchin, who will continue to be involved in deals.

But the United States leader kept up the threats as he warned that he was ready to make China "pay for the privilege" of selling in the U.S. market if the negotiations fail. Instead of being hammered out by lower-level officials, he said Xi came very prepared for the conversation, and that the deal was mostly done by the two leaders.

Trump, meanwhile, last week signaled he is still itching to open up a third front in his global trade war, urging Congress to support what could be up to 25 percent tariffs on vehicles imported from other trade partners, such as Germany. "It will always be the best way to max out our economic power", he said on Tuesday.

A Chinese official told Reuters that officials were "waiting for the leaders to return" before publicizing details.

Trump has agreed to delay a rise in tariffs on China while talks continue.

Markets, however, pulled back after Monday's rally on Tuesday as doubts crept in over what could realistically get accomplished in the tight negotiating window. He told reporters that China had said it was willing to "expand imports according to the needs of its domestic market and people, including importing marketable products from the United States to gradually ease the trade imbalances", adding that both sides had agreed to open their markets to each other.

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