'Tariff Man' Trump Says He May Extend Truce in China Trade War

US President Donald Trump and China's President Xi Jinping attend the G20 summit in Buenos Aires last weekend

The two leaders said they would hold off on imposing additional tariffs for 90 days starting December 1 while they seek a solution to their trade disputes.

Trump has exaggerated the effect of the tariffs on US revenue.

Trump had tweeted Sunday that China agreed to "reduce and remove" its 40 percent tariff on cars imported from the U.S. Mnuchin said Monday that there was a "specific agreement" on the auto tariffs.

Chief White house economist Larry Kudlow said that the meeting between the two leaders lasted for about 2.5 hours and added that the talks were "very good", but not told any details.

China has placed a 10 percent tariff on U.S. -LNG imports with the threat of increasing that figure in the future, resulting in China having to find alternate sources of the super-cooled fuel on the spot market.

According to a White House press release, for a 90-day period, the US will maintain the 10 percent tariffs on its list of $200 billion in Chinese imports, postponing an anticipated January 1, 2019, increase in duty levels.

"They don't want to look like they've gone across the Pacific offering concessions to placate Trump, and then a few weeks later escalation resumes", he said.

Speaking on the CNBC show "Squawk Box" on Monday, .

Executives from the three automakers were invited to individual meetings with Trump's top economic advisers to discuss investment opportunities in the United States, including in manufacturing and research and development, the White House said. We are dealing from great strength, but China likewise has much to gain if and when a deal is completed.

China's foreign ministry, the only government department that holds a daily briefing foreign media can attend, has repeatedly referred questions on details to the commerce ministry, which has yet to say anything.

Diess said he thought the companies had "made a big step forward to avoid the tariffs".

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"I am a Tariff Man", the president said Tuesday in one of a series of tweets about a new round of trade talks with China after the world's two largest economies imposed tit-for-tat tariffs on hundreds of billions of dollars of each other's goods after Trump struck first.

"China's discussed these things with the USA many times down through the years and the results have not been very good", he said. "And we know that", Kudlow said.

"We have a president that's going to stand up to that for once", Navarro said.

Kudlow said: "They can not slow walk this, stall this, meander this".

Despite the major agreements, . none of the commitments were agreed to in writing, . and the specifics have yet to be hammered out. Kudlow said US officials would monitor Chinese progress closely.

U.S. Treasury Secretary Steven Mnuchin has made it clear there's only one person leading the trade negotiations with China.

The appointment may signify a harder line with Beijing and marks a shift from the past, when Mnuchin had a lead role.

"We are now taking in $billions in Tariffs".

China has agreed to purchase a "very substantial" amount of agricultural, industrial and energy products from the U.S.in an effort to reduce the trade imbalance between the nations, according to the announcement. Trump and the EU announced a pause on tariffs and Trump touted additional deals for the EU to purchase American agricultural products, but Trump has recently begun threatening the EU with auto tariffs once again.

Chinese regulators did not respond to requests for comment on the tweet.

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