Donald Trump announced on Tuesday that he was working with China President Xi Jinping at the G20 summit on a trade deal, admitting that said deal could still fail to pass but the early negotiations were promising.

In his series of tweets, however, Trump stated both parties “want this deal to happen, and it probably will.” He then threatened China, adding, “But if not remember… I am a Tariff Man. 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. It will always be the best way to max out our economic power. ”

Tthe markets suffered after Trump’s tweets, with the Dow Jones industrial average dropping 799 points, or by just over three percent. Likewise, the S&P 500 plummeted by 90 points and Nasdaq dropped by 283 points, or drops of 3.2 percent and 3.8 percent respectively.

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Although Trump claimed his Chinese counterpart agreed to “reduce and remove” their tariffs on United States automobiles, Trump’s aides privately confirmed to The Washington Post that said development never happened. “Nobody knows what the deal is,” said the White House official.

Confidence that Trump’s trade war with China will cease isn’t high and the two countries have irreconcilable recollections of their meeting. Nevertheless, the Commander in Chief returned to Twitter on Wednesday morning feeling optimistic, writing how China was sending “very strong signals” and airing his belief that Jinping “meant every word of what he said at” their meeting.