Investors who had applauded the deal on Monday turned sharply negative Tuesday.
Stocks fell following Trump's tweetstorm with the Dow Jones industrial average declining almost 3%. But I want to caution everyone here.
"I think President Trump's strategy on tariffs were very effective", he stated.
"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 said. "It will always be the best way to max out our economic power", he said on Tuesday.
This is a much different characterisation of the China talks than just three days ago, when Trump had dinner with China's president at a meeting of the Group of 20. "Unless extended, they will end 90 days from the date of our wonderful and very warm dinner with President Xi in Argentina", Trump tweeted.
While Trump hails tariffs as money-makers, critics note that tariffs are mostly paid for by USA consumers as the costs of Chinese imports rises.
Chinese carmaker shares pared gains, while shares of auto dealerships in China and Hong Kong rallied on Trump's tweet. "It goes down, certainly, if it happens, it goes down as one of the largest deals ever made".
China has also agreed to buy an unspecified but a substantial amount of domestic products to help narrow the trade deficit the United States has with China.
One Chinese official said officials were "waiting for the leaders to return" before publicising details. They wouldn't even acknowledge that there was a 90-day deadline under which they were operating.
Time is running out for the United States to ship soy before Brazilian farmers start their harvest, US analysts said. In July, Trump said he was willing to slap tariffs on every single Chinese import if China did not agree to an acceptable trade deal.
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He also rejected the United Kingdom government's position that the case is purely hypothetical and therefore inadmissible. A final ruling on the case is due to be made at a later date.
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. "I wouldn't read a lot into that myself", said Kudlow, speaking at the Wall Street Journal's CEO Council's annual conference in Washington.
However, there are differences in both countries' official accounts of what was agreed. "It is expected that they will start sending out goodwill signals", said Tian Hao, senior analyst with First Futures.
Chinese officials are puzzled and irritated by the administration's shaky handling of the meeting's aftermath, according to a former USA government official who has been in contact with them. The fact that China made no mention of agriculture in its statement after the meeting may also increase trader concerns over whether these purchases will materialize.
Already there was confusion over when the 90-day period would start.
"You don't do this with the Chinese".
President Donald Trump announced that China agreed to reduce and remove tariffs on imported cars on Sunday. Trump has not promised to lift all tariffs against Chinese goods.
Mr Trump has long accused China of unfair trade practices that hurt USA citizens and the economy.
The clock started ticking on December 1, when Trump met in Buenos Aires with China's leader Xi Jinping and agreed to work towards an agreement to roll back the exchange of tariffs on hundreds of billions of dollars in two-way trade.
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.