The dollar has gone through a number of dips recently as an increasing number of countries, namely Russia, China and Turkey, have voiced calls to shift more decisively to national currencies in global trade, and even clinched deals to this end, in retaliation to the US' across-the-board tariff plan.
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 United States markets slid back on Tuesday as it became clear that there were few concrete commitments that came out of the discussions so far.
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".
While Mnuchin said the president reserves the right to escalate tariffs should negotiations not pan out as planned, he cast the weekend's talks as a breakthrough in the administration's efforts to check China and said the discussion included everything from purchasing more USA goods to intellectual property, to currency manipulation.
Since a great deal of social media simply cannot look away from these tweets, you can guess what happened next.
The 90-day truce in the escalating trade war between the USA and China came during a dinner meeting between the two presidents following the G-20 summit of the world's biggest economies in Buenos Aires.
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Mr Trump has said China is supposed to start buying agricultural products immediately and cut its 40 per cent tariffs on USA vehicle imports.
A White House official said it started on December 1.
While Washington touted the immediate increase in Chinese purchases of United States agricultural products, Beijing's statement was much more open, with no reference to immediate or agricultural products.
While the two sides left talks in Buenos Aires, with an upbeat attitude, confusion and a lack of clarity around what exactly Trump and Xi agreed to has left many experts skeptical that a concrete deal can be reached in such a short window. Per the president's post, a delegation of U.S. officials will hold negotiations with the Chinese side.
As tit-for-tat trade tariffs ratcheted up between the nations this year, China slapped retaliatory duties on USA soybeans, pork and a host of other agricultural goods.
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Despite Mnuchin's earlier comments on President Trump leading trade negotiations with China, .
Trump, speaking to reporters on Air Force One after the plane departed Argentina, said his agreement with Xi, will go down "as one of the largest deals ever made".
Larry Kudlow, the White House's top economic adviser, said he couldn't speak to the reason why Beijing didn't include a timeframe in its own statement following the leader's dinner. Let the negotiations begin.
"They can not slow walk this", Kudlow said.
Wang added that the two also agreed to open markets to each other, and that China will work to gradually resolve U.S. concerns in the process of further opening-up.
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