-China tariff war "a little squabble", even as his administration readies 25% duties on all remaining Chinese imports.
Trump threw financial markets into turmoil with his surprise May 5 announcement of plans to raise tariffs on $200 billion of Chinese imports to 25% from 10%.
The Chinese say they will not be bullied into taking a deal that hurts them too much financially, and even the president's allies are anxious he's taking the argument too far.
He further pointed out that according to veterans of the high-stakes world of NY real estate, this are the customary tricks of Trump - "pitching some kind of fit at the very last minute, when the other party thought things were settled, in hopes of bullying his way to a better deal". The president also ordered tariffs to be raised on all remaining United States imports from China, which are valued at around $300 billion.
The Dow Jones Industrial average was up 1.28% while the broader S&P 500 was up 1.3%. 2019 gross domestic product growth will be lowered by 0.3 percentage point by the rise in USA tariffs on US$200 billion of imports from China.
For soybean growers, the fact that no deal was reached yet after 11 rounds of consultation with China on trade disputes means that "we're losing", said ASA President Davie Stephens, who is also a soy grower from Clinton, Kentucky.
He added: "It will all happen, and much faster than people think!"
"We've been understanding during this negotiation process, but we can not withstand another year in which our most important foreign market continues to slip away", said John Heisdorffer, ASA Chairman and soy grower from Keota, Iowa.
Soybeans, which was the most valuable U.S. export crop, bounced off a decade low on Tuesday as the market's focus shifted to weather-related planting delays that could reduce the crop size.
"The trade war is driving markets at the moment", said Rory McPherson, head of investment strategy at Psigma Investment Management in London.
On Monday, Trump said he would talk to Xi at a G20 summit in late June.
The release followed Beijing's announcement Monday of tariffs of up to 25% on $60 billion of American imports in their spiraling dispute over Chinese technology ambitions and other irritants. It said a June 17 hearing would be held before Washington decides how to proceed. The list includes a wide range of consumer goods, from cellphones and computers to clothing and footwear, but it excludes pharmaceuticals, some specialty compounds and rare-earth minerals.
Although the new tariffs were highly anticipated, US stocks sold off sharply as investors sorted out the details.
Beijing is determined to win the trade war with the United States though it does not want the economic conflict to grow in intensity, China's Foreign Ministry spokesman said after the two countries again exchanged tariffs on each other's imports.
State media has beefed up its response to Trump's latest tariff escalation, with the once-banned phrase "trade war" roaring back into widespread use in Chinese media.
Tariffs are taxes paid by Americans, not China, said the association.
The Shanghai Composite Index lost 0.7% and the blue chip CSI 300 was 0.6% lower on Tuesday.
However, the onshore yuan weakened 0.1% to its lowest level since December 27, 2018, trading at 6.8874 per dollar, after China's Foreign Ministry said it hoped the United States does not "underestimate China's determination and will to safeguard its interests".
"My understanding is that China and the United States have agreed to continue pursuing relevant discussions".
Sources have said talks stalled after China tried to delete commitments from a draft agreement that its laws would be changed to enact new policies on issues from intellectual property protection to forced technology transfers.