Global investors, who had feared for months that a protracted trade war could hurt economic growth, seemed to cheer the cease-fire on Monday, but U.S. markets slid back on Tuesday as it became clear that there were few concrete commitments that came out of the discussions so far.
However, Chinese attacks on USA companies ratcheted up again when the United States first implemented trade tariffs in July 2018.
He also said that China's vice premier, Liu He, had told him there would be changes made "immediately" to show the Chinese were serious about a new agreement.
The Dow Jones industrial average sank almost 600 points, or 2 percent, to 25,245. Besides escalating existing tariffs, Trump had threatened to impose import taxes on the remaining $267 billion of US goods from China.
"It doesn't seem like anything was actually agreed to at the dinner and White House officials are contorting themselves into pretzels to reconcile Trump's tweets (which seem if not completely fabricated then grossly exaggerated) with reality", traders from JP Morgan wrote in their desk commentary Tuesday.
Trump said he and Xi "are the only two people that can bring about massive and very positive change, on trade and far beyond, between our two great Nations. It will always be the best way to max out our economic power", he said on Tuesday. The Dow Jones industrial average was down 730 points, or 2.8%, on Tuesday morning. The JSE was closed before the latest jitters, with the all-share index ending the day 0.3% higher.
"I am a Tariff Man".
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While Trump hailed the agreement with Xi "an incredible deal", a lack of detail from the Chinese side has left investors and analysts wondering if Trump's exuberance is warranted.
Trump raised the stakes on those pledges, saying in a tweet that he expects China to start buying more agricultural products "immediately". "The market is trying to figure out is there going to be a real deal at the end of the 90 days or not".
There is, though, some confusion about the details of the deal. Trump also threatened to impose tariffs on the remaining $267 billion worth of Chinese goods not now subject to tariffs.
The president also returned to threatening China with higher tariffs.
U.S. President Donald Trump, Secretary of State Mike Pompeo, national security adviser John Bolton and Chinese President Xi Jinping attend a working dinner after the G20 leaders summit in Buenos Aires, Argentina, on December 1, 2018.
Instead, the two sides are to negotiate over USA complaints about China's trade practices, notably that it has used predatory tactics to try to achieve supremacy in technology. In his Twitter posts on Tuesday, Trump said they might need an extension if the 90-day timeline didn't prove sufficient.
This was also the first time that the president suggested the negotiating window could be extended.
The White House said talks would take place to resolve within the next 90 days specific U.S. complaints such as forced technology transfer, or else existing 10 percent tariffs would go up to 25 percent.
"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.