Donald Trump Warns China: 'I Am a Tariff Man'

Donald Trump threatened to slap a range of import penalties on Chinese products if they didn't make major changes in their economic relationship with the US

Investors who had applauded the deal on Monday turned sharply negative Tuesday.

The Dow dropped more than 800 points, or 3%, on Tuesday. Per the president's post, a delegation of U.S. officials will hold negotiations with the Chinese side.

The apparent move on auto tariffs was part of a broader trade truce struck by Trump and Chinese President Xi Jinping during a dinner in Buenos Aires on Saturday night.

He then referred to his plan for escalating 10% duties on Chinese imports to 25%, tweeting: "Remember I am a Tariff Man".

"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", he said. "It will always be the best way to max out our economic power", he said on Tuesday.

Xi gave Trump the opportunity to claim a victory without committing China to anything specific other than talking for 90 days.

Tariffs, in theory, make US-made products cheaper than imported ones, and encourage consumers to buy American. "It goes down, certainly, if it happens, it goes down as one of the largest deals ever made".

One Chinese official said officials were "waiting for the leaders to return" before publicising details. They wouldn't even acknowledge that there was a 90-day deadline under which they were operating.

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.

President Trump and Xi Jinping met over dinner at the G20 Summit in Argentina to discuss their trade standoff, after which the president tweeted positive news.

Trump said China had committed to buying large amounts of US agricultural products and completely removing all tariffs on US automobiles a huge shift from its current 40 per cent penalty although China hasn't confirmed this
‘I am a tariff man’: Trump warns China against raiding ‘great wealth’ of US as trade talks start

China's reticence contrasted with the parade of US officials talking about the deal on Monday, including Treasury Secretary Steven Mnuchin and White House Economic Adviser Larry Kudlow.

But the deal was also vague, and the uncertainty has led to skepticism that the divides between the United States and Chinese goals can be bridged. But Kudlow acknowledged on Tuesday that so far they haven't seen any evidence of concrete steps being taken. Kudlow initially said that the Chinese had 90 days from January 1 to come up with "structural changes" regarding intellectual property protections, forced technology transfer and other issues.

Mr. Trump said this week that China agreed in talks to eliminate auto tariffs of 40 percent, which would be a boon to foreign automakers.

There are significant differences between the two governments over what was agreed at the dinner, according to a side-by-side comparison of their post-meeting statements prepared by Bloomberg.

Cui added that negotiators would actually have less than 90 days to reach a deal because of holidays in both countries over the next three months. -China trade talks were on track.

"You don't do this with the Chinese. And we know that", Kudlow added. "Nobody is under any illusions".

The White House said talks would take place to resolve within the next 90 days specific USA complaints such as forced technology transfer, or else existing 10 percent tariffs would go up to 25 percent. Trump has not promised to lift all tariffs against Chinese goods. Unlike previously, the U.S. president referred to the outcome of the meeting as "a big leap forward".

Markets took a dive following Trump's tweetstorm. "All this macro-economic uncertainty is clouding the 2019 earnings outlook, leading to increasingly violent equity swings as investors try to handicap what 2019 will look like", Alec Young, managing director of Global Markets Research, FTSE Russell, told ABC News.

As the USA and China carry out negotiations to finalise a deal over their economic dispute, Mr Trump has warned China to negotiate a fair deal or else continue to face imposed tariffs.

Trump and Xi met in Argentina, agreeing to a 90-day truce if Trump would back down on his proposed increase in tariffs on Chinese goods entering the United States. -China trade war and a possible economic slowdown.

Trump, Xi Agree On Tariff Cease-Fire, As Trade Talks Continue
After a much anticipated dinner between the United States and China, both presidents emerged from a "highly successful meeting". USA officials have warned about China's increasing influence across swaths of the developing world, including Latin America.

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