President Donald Trump dramatically increased pressure on China on Sunday to reach a trade deal, saying he would hike US tariffs on $200 billion worth of Chinese goods this week and target hundreds of billions more soon.<\/p>\n\n\n\n
A less than rosy update from United States Trade \nRepresentative Robert Lighthizer, including details that China was \npulling back from some previous commitments, prompted Trump\u2019s decision.<\/p>\n\n\n\n
US\n officials did not weigh in on whether China would attend this week\u2019s \ntalks. The White House and the US Trade Representative\u2019s Office declined\n to comment. China\u2019s commerce ministry did not immediately respond to a \nrequest for comment.<\/p>\n\n\n\n
The move marked a major escalation in \ntensions between the world\u2019s largest economies and a shift in tone from \nTrump, who had cited progress in trade talks as recently as Friday. \nStock markets sank and oil prices tumbled as negotiations were thrown \ninto doubt.<\/p>\n\n\n\n
The Wall Street Journal reported that China was \nconsidering cancelling this week\u2019s trade talks in Washington in light of\n Trump\u2019s comments, which took Chinese officials by surprise.
Chinese \nmedia outlets have been told not to independently report on Trump\u2019s \novernight tweets or tweet about them, and instead adhere to any report \nfrom the official Xinhua news agency, said a source with direct \nknowledge of the matter.<\/p>\n\n\n\n
Global financial markets, which had been\n expecting news of a trade deal soon, went into a tailspin. US equity \nfutures fell more than 2 percent and stocks across trade-reliant Asia \ntumbled, with China\u2019s main indexes plunging 5 percent.<\/p>\n\n\n\n
Trump said\n tariffs on $200 billion of goods would increase to 25 percent on Friday\n from 10 percent, reversing a decision he made in February to keep them \nat the 10 percent rate thanks to progress between the two sides.<\/p>\n\n\n\n
The\n president also said he would target a further $325 billion of Chinese \ngoods with 25 percent tariffs \u201cshortly,\u201d essentially covering all \nproducts imported to the United States from China.<\/p>\n\n\n\n
Tariffs on \nChinese goods are actually paid to the United States by the companies \nimporting the goods, and most of those companies are US-based. American \nbusinesses, while supportive of Trump\u2019s crackdown on China\u2019s trade \npractices, are eager for the tariffs to be removed, not expanded.<\/p>\n\n\n\n
\u201cRaising\n tariffs means raising taxes on millions of American families and \ninviting further retaliation on American farmers,\u201d said Christin \nFernandez, a spokeswoman for the Retail Industry Leaders Association.
<\/p>\n","protected":false},"excerpt":{"rendered":"
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