Trump doubles down on threats: ‘China does not want tariffs’

President Trump on Tuesday doubled down on his threat to impose additional tariffs against China if the two sides don’t reach an agreement on trade, hours after similar comments contributed to volatility on the stock market.

“We are either going to have a REAL DEAL with China, or no deal at all – at which point we will be charging major Tariffs against Chinese product being shipped into the United States,” Trump wrote on Twitter on Tuesday evening.

“Ultimately, I believe, we will be making a deal – either now or into the future,” he continued. “China does not want Tariffs!” 

{mosads}The president earlier Tuesday described himself as a “Tariff Man” and warned of the consequences if China and the U.S. are unable to break through in negotiations.

“President Xi and I want this deal to happen, and it probably will. But if not remember, I am a Tariff Man,” Trump said in a series of tweets Tuesday morning.

“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 added. “It will always be the best way to max out our economic power.”

The threat shook the stark market, as the Dow Jones Industrial Average closed down nearly 800 points and the S&P 500 dropped more than 3 percent on the day.

Trump’s rhetoric on Tuesday marked a sharp turn from prior days, when he touted a truce reached during a meeting with Chinese President Xi Jinping at the Group of 20 summit over the weekend.

Following the meeting, the two sides agreed to hold off on further tariff increases amid ongoing trade talks, and the White House said that China had agreed to start purchasing agricultural products.

The White House gave China 90 days, beginning Dec. 1, to address U.S. concerns about the two nation’s trade imbalance.

The Trump administration has in recent months slapped billions of dollars in tariffs on Chinese goods, prompting Beijing to respond with billions in retaliatory duties on U.S. products. The tit-for-tat exchanged raised concerns of a trade war between the world’s two largest economies.