Donald Trump vows to raise China tariffs, sending markets tumbling

Yuan Plunges, U.S. Stock Futures Drop on Trade War: Markets Wrap

Vice-Premier Liu He will go to Washington this week in a bid to salvage trade talks and stop a new economic Cold War from breaking out between China and the United States.

Robert Lighthizer, the United States trade representative and a key player along with Treasury Secretary Steven Mnuchin in talks, underlined those fears. Mnuchin and Lighthizer offered no details of China's alleged backsliding, and there was no immediate response from Beijing. China wants them lifted; the USA wants to keep tariffs as leverage to pressure the Chinese to comply with any agreement.

In his tweet, Trump said he would increase tariffs on $200 billion worth of Chinese goods from 10 percent to 25 percent on Friday.

But Trump's threat now "raises the spectre of a significant hit to growth should these tariffs escalate and should the uncertainty associated with that weigh on investment going forward", he told Bloomberg TV. -China trade deal to close this week, before Trump's statement.

There had been fears that negotiations between the world's two largest economies were in peril.

"I still think that eventually we will see a deal that results in relatively minor changes to the US-China economic relationship", he added. "It certainly increases the possibility that you'll have no deal".

For weeks, the Trump administration had suggested that talks were making steady progress, and financial markets seemed to have priced in a peaceful resolution to the trade dispute. Steven Cochrane, chief Asia-Pacific economist at Moody's Analytics, said that fallout from Friday's planned tariff increase could reduce US economic growth - 2.9% a year ago - by 1.8 percentage points.

Solskjaer has no doubts De Gea will return to form
In fact, there's an argument to say he shouldn't be the No. 1 'keeper at United for its final two games of the season. United's last two games of the season are against Huddersfield Town and Cardiff City.

On Monday (local time) US Trade Representative Robert Lighthizer said China had backtracked from commitments made during trade negotiations and would be hit with further tariffs on Friday. To put it in a different way, China is doing of its own accord that which Trump and those of his political tradition claimed they had always wished China would do.

The Wall Street Journal reported on Sunday night that China was considering cancelling this week's trade talks in Washington in light of Mr Trump's comments that took Chinese officials by surprise.

Washington and Beijing have raised tariffs on billions of dollars of each other's exports, disrupting trade in goods from soybeans to medical equipment. Beijing hit back with duties on $110 billion of U.S. goods. But shares in the United States regained some of the lost ground on news that Chinese officials were planning to go ahead with this week's meetings in Washington.

But by criticizing Chinese economic openness and transparency after years of proffering highly exaggerated slurs about how China's economy was allegedly closed, those of a nationalistic economic mentality in countries like the US and elsewhere are revealing their own inconsistency.

Sen. Bernie Sanders, another high-polling Democratic presidential contender, said Biden is "wrong" and China has taken 3 million jobs from US workers. "That in our view is unacceptable".

In response, a Chinese foreign ministry spokesman, Geng Shuang, said Beijing "is honest in continuing consultations". "Instead of buying five things, they might just buy three if everything costs more". But they have yet to release details, and it is unclear whether the concessions will satisfy Trump.

Related news:

Hot News

isis-killer-beheading-video-story-top Pixel 3a camera vs 3: Identical hardware
May 08, 2019 - 02:38
Powering the device will reportedly be a Qualcomm Snapdragon 710 chipset, along with 6 GB of RAM and 64 GB of internal storage. Along with these clever Maps updates, Google has also revealed its next range of hardware which includes the budget Pixel 3a .

isis-killer-beheading-video-story-top Saintly royal names for Baby Sussex … and any baby boy
May 08, 2019 - 02:23
Berthelsen said the only way Prince Harry's son would be called a prince is later in life when Prince Charles succeeds the throne. The Queen, who is reportedly staying at Windsor Castle, is expected to meet her great-grandson for the first time today.

isis-killer-beheading-video-story-top Kawhi Leonard Scores 39 Points as Toronto Ties up Series 2-2
May 07, 2019 - 02:37
A team that had mortgaged a good chunk of its identity so that it could perform better in the moments where it had failed before. Embiid ultimately logged 35 minutes, finishing with 11 points, eight rebounds, seven assists, two steals, and a pair of blocks.

isis-killer-beheading-video-story-top Charles Barkley Sticks Fork In Celtics With Bold Prediction Before Game 4
May 07, 2019 - 02:22
He was initially expected to miss four to six weeks, encompassing the first two rounds of any Celtics' playoff run. He shot 42.2 percent from the field, 36.4 percent from beyond the arc and 80.6 percent from the free-throw line.

isis-killer-beheading-video-story-top SpaceX shipment reaches space station after weekend launch
May 07, 2019 - 02:12
The capsule's SuperDraco launch-abort thrusters were just a half-second from firing when the blast occurred. The spacecraft has a small space station emblem on its side indicating its previews flight in 2017.

isis-killer-beheading-video-story-top Israel strikes 320 sites in blockaded Gaza Strip
May 07, 2019 - 01:17
It retaliated by launching air strikes against a building in the Gaza strip that it claimed housed Hamas cyber operatives. At least 23 Palestinians, including two pregnant women and a 14-month-old baby girl, have been killed since Friday.

isis-killer-beheading-video-story-top Death of toddler locked inside burning vehicle ruled a homicide
May 07, 2019 - 01:11
Little Zoey Pereira was left inside the 2008 Audi sedan - which was chained shut - when it went up in flames shortly before 9 p.m. A 3-year-old girl is dead after being found in a burning auto in New York City, The Associated Press reported.

isis-killer-beheading-video-story-top Kentucky Derby DQ costs bettors around $9M
May 06, 2019 - 02:23
Country House was not directly affected by the incident, although the horses to his inside were forced outward. Prat claimed that Maximum Security ducked out in the final turn and forced several horses to steady.

isis-killer-beheading-video-story-top Buffett’s Berkshire turns $21bn profit - but Kraft Heinz numbers missing
May 06, 2019 - 02:07
However, he added: "It doesn't destroy my appetite in the least for making a very large acquisition in the United Kingdom ". But he said taking on Kraft had proved costly, adding: "You can turn any investment into a bad deal by paying too much".

isis-killer-beheading-video-story-top 13 dead as burning plane lands in Moscow
May 06, 2019 - 01:59
A criminal case was opened after the incident on charges of violation of safety rules entailing the death of two or more people. A passenger called mikkentosh posted on social media: "Guys I am all right, I am alive and in one piece".

isis-killer-beheading-video-story-top Gary Neville: Alexis Sanchez's career at Manchester United is finished
May 06, 2019 - 01:56
Meanwhile intense speculation surrounds the futures of midfielder Paul Pogba as well as forwards Alexis Sanchez and Romelu Lukaku. Debate about when they will be ready to challenge for the Premier League or the Champions League again is, for now, pointless.

isis-killer-beheading-video-story-top British PM tells Labour: Let's do a deal on Brexit
May 06, 2019 - 01:54
Britain's Prime Minister Theresa May speaks at the Scottish Conservative conference in Aberdeen, Scotland, Britain May 3, 2019. Labour economy spokesman John McDonnell said Sunday the party would "come to an agreement if we can" with the Conservatives.

isis-killer-beheading-video-story-top Cause of Venezuelan chopper crash is under investigation
May 06, 2019 - 01:28
The Venezuelan military has so far sided with Maduro, but the opposition believes that under the surface there are growing cracks. Venezuela's military leadership has since reiterated its support for the government, and Maduro is standing his ground.

isis-killer-beheading-video-story-top Eat walnuts to cut risk of heart disease
May 05, 2019 - 02:12
For the study, the researchers recruited 45 participants with overweight or obesity who were between the ages of 30 and 65. They concluded by saying, "Cardiovascular benefits occurred with all moderate-fat, high-unsaturated fat diets".

isis-killer-beheading-video-story-top OH urges measles vaccination amid outbreaks around US
May 05, 2019 - 00:46
Can I get one as an adult? People are contagious from four days before the rash develops until four days after. It can occur in any age, but more than 90 pc of the cases occur in children below the age of 15 years.