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

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

Per China, "Trump said the US side welcomes Chinese students to study in his country".

In return, Washington said China would purchase "very substantial" amounts of United States agricultural, energy, industrial and other products.

Trump warned that although he and Xi want to get to an agreement "remember, I am a Tariff Man". But it raised its tariff on US cars to 40 percent earlier this year in retaliation for Trump's tariffs on Chinese goods.

By midday, global stock markets sank deeper into the red with the Dow Jones Industrial Average .DJI down over 2.7 percent by 1840 GMT, the S&P 500 .SPX down 2.4 percent and the pan-European STOXX 600 index STOXX losing 0.76 percent.

Already there was confusion over when the 90-day period would start.

Earlier on Tuesday, Treasure Secretary Steven Mnuchin also raised the prospect of the deadline extension.

Here's what we do know: if both sides keep to their word, there won't be any new tariffs being lobbed around in the next few months.

In a surprise announcement tweeted on Sunday night, Trump also said China would "reduce and remove" tariffs of 40pc on cars, though Beijing has yet to confirm the move.

The White House said Xi said he was open to approving the previously unapproved Qualcomm-NXP deal should it again be presented to him. The last sentence is certainly true, but as for the first, there's no mention of such an agreement in the statements issued by the White House and the Chinese Foreign Ministry.

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When asked about the report by reporters on Monday, White House economic advisor Larry Kudlow played down Lighthizer's role.

Mnuchin also stressed the US expects immediate action from China on its trade commitments.

On Monday, influential Chinese tabloid the Global Times said it understood China and the United States will further discuss moves at expanding market access, intellectual property protection, avoiding compulsory technology transfers, and joint control of cyber crime.

White House National Security Adviser John Bolton told the Wall Street Journal CEO Council meeting on Tuesday that Chinese theft of US intellectual property was among the administration's top concerns.

U.S. Representative Steve King, an Iowa Republican, in February 2017 introduced a bill that would have allowed the U.S. government to punish Chinese intellectual property theft by imposing duties on the country's imports.

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

"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.

The White House said Beijing had promised to buy an unspecified but "very substantial" amount of agricultural, energy, industrial and other products, with purchases of farm goods to start "immediately". U.S. Treasury Secretary Steven Mnuchin revealed President Trump himself will be the main person in charge of leading crunch trade negotiations with China.

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