White House backpedals on Trump's claim that China will drop auto tariffs

President Donald Trump declared himself

President Donald Trump declared himself"Tariff Man in a tweet that contributed to investors fears about the tenuous US-China trade truce

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".

News broke on Saturday that the USA and China had reached a ceasefire in its ongoing trade war after President Trump met with Chinese President Xi Jinping at the G20 summit in Argentina.

Larry Kudlow, head of the White House's National Economic Council, added to the confusion when he said on Monday night that there was not a "specific agreement" that would lead to China lifting its tariffs on American cars-directly contradicting Trump's tweet earlier on Monday that claimed, "China has agreed to reduce and remove tariffs on cars coming into China from the U.S".

It also said China had agreed to start buying farm products from USA farmers immediately.

China offered more than $1.2 trillion in additional commitments on trade at the Xi-Trump dinner, Treasury Secretary Steve Mnuchin said on Monday.

Both sides will immediately hold talks on structural changes concerning forced technology transfers made by Chinese firms on USA companies, intellectual property rights protection, non-tariff trade barriers, cyber intrusion concerns, cyber theft and agricultural, the White House added.

The announcement came as part of a 90-day halt in which the president will delay a scheduled tariff increase on China, Fox News noted. For months, the two countries have engaged in tit-for-tat increases in tariffs on hundreds of billions of dollars of exports flowing between the two countries.

Trump repeated on Tuesday that China had agreed to "start buying agricultural product [s] and more immediately", a commitment that was absent from the Chinese Ministry of Foreign Affairs' statement on Sunday.

The move was confirmed on Monday by White House trade advisor Peter Navarro, . who called Lighthizer Washington's "toughest negotiator". "It will always be the best way to max out our economic power".

Canada signs USMCA on sidelines of high-stakes G20 summit
In an interview this week with Bloomberg , Toomey said that the USMCA is "frankly, not really as good as the underlying NAFTA". That subject is a hot topic, especially as Trump prepares to meet face-to-face with Chinese President Xi Jinping.

"It hasn't been signed and sealed and delivered yet", Kudlow said.

Another significant take-away from the preliminary agreement could be its impact on energy markets, both US oil import to China and perhaps even more importantly from a development perspective liquefied natural gas (LNG) imports.

As such, Trump was keen to reassure United States farmers that the negotiations with China would benefit them.

China has made no direct mention of specific goods they will start to buy nor given any timeframe for when they may start.

If negotiations sputter, Mr Trump has his finger on the trigger, as he made clear in a tweet on Tuesday: "I am a Tariff Man".

Chinese officials are puzzled and irritated by the administration's shaky handling of the meeting's aftermath, according to a former U.S. government official who has been in contact with them. Targeting soybeans was widely seen as a direct attack on Trump's supporters, as the US' top soybean farming states voted for Trump in 2016.

"We didn't really give up anything to China".

Asked why the auto tariffs weren't mentioned in statements the US and China issued after the dinner, Kudlow inexplicably insisted that they were.

Trump and Xi also agreed to immediately begin negotiations on structural changes with respect to forced technology transfer, intellectual property protection, non-tariff barriers, cyber intrusions and cyber theft, services and agriculture, according to the White House statement.

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