US President Donald Trump, second right, and China's President Xi Jinping, second left, attend their bilateral meeting at the G20 Summit in Buenos Aires, Argentina. This tweet sent stocks plummeting 3% on Monday and the bond market reacted, sending shivers through investors, according to The New York Times.
The new tweets, which came the day after the Dow Jones Industrial Average fell almost 800 points, won't have any immediate effect on Wall Street: Markets are closed Wednesday, a day of national mourning for the late president George H.W. Bush.
"China will for sure cancel the 25 percent tariffs on USA agriculture products".
Senior US and EU officials blamed each other on Wednesday (17 October) for a lack of progress in ongoing trade talks, reviving the possibility of fresh tariffs on European cars, said the American representatives.
This follows President Trump's tweet on December 3, saying that "China has agreed to reduce and remove tariffs on cars coming into China from the U.S. now the tariff is 40%".
A day later, President Trump said on his Twitter that "the negotiations with China have already started" and that the deal will probably happen.
"China will start from implementing specific issues on which consensus has been reached, and the sooner, the better", the Commerce Ministry said on its website.
Trump has threatened to tax imported cars, trucks and auto parts, potentially targeting imports that previous year totaled $335 billion, and the European Union had warned that it would retaliate with tariffs on products worth $20 billion if Trump put duties on cars and auto parts from Europe. In fact, the only definite thing to seemingly come out of the summit is the United States vowing to hold off on raising threatened tariffs for 90 days.
China's tariffs on US soybeans had earlier pushed the price of soybeans from Brazil, the world's top supplier, so high that Chinese buyers could have imported American soybeans and paid the tariff for less.
One Chinese official told Reuters officials were "waiting for the leaders to return" before publicizing details.
His appointment of Mr Lighthizer to lead the talks instead of Mr Mnuchin puts one of the administration's toughest China critics in charge.
Following the meeting between Trump and Xi in Argentina, there has been growing confusion about what exactly the leaders agreed to and whether a 90-day deadline for a resolution began immediately or in January. And at the opening of this week, the administration was already claiming progress with China on the purchase of $1.2 trillion worth of USA goods - even though White House officials couldn't supply any meaningful details.
And in the United States, home sales have fallen sharply in the past year as mortgage rates have jumped.
The commerce ministry said China-US trade and economic discussions were "very successful".
According to the White House, China has agreed to buy a "very substantial" amount of agricultural, energy, industrial and other products from the USA to reduce a yawning trade gap, as well as to negotiate over Washington's assertions that Beijing steals American technology.
"Apparently, the Chinese government doesn't want its people to consider the agreement as a failure for China", said Fang Kecheng, a Chinese media researcher at the University of Pennsylvania.
It was not clear whether the preparations meant China would cut the retaliatory tariffs it imposed on those products, or when the purchases would happen.