Trade war: US-China trade battle in five charts

Trump said he would increase the current 10 per cent tariff on US$200 billion worth of Chinese goods to 25 per cent on Friday

Trump vowed Sunday to ratchet up existing tariffs this week and also to extend the 25 percent punitive duties to the remaining $350 billion in Chinese goods imported into the country each year.

Reuters, citing USA government and private-sector sources, reported on Wednesday that China late last week had backtracked on nearly all aspects of a draft trade agreement, threatening to blow up the negotiations.

Kumiko Ishikawa, senior analyst at Sony Financial Holdings, said traders' focus is now on whether the yen will strengthen past 109.70 yen per dollar, a recent high that was last hit in late March.

Tensions are rising globally over fears the United States and China are floundering, rather than reaching an agreement, in their long-running trade dispute.

Speaking to reporters, White House spokeswoman Sarah Sanders separately said the Trump administration has received an "indication" that China wants an agreement.

"As we digest the significance of the tariff threat, we are a little less hopeful that we are going to see progress at the end of this week that will forestall the additional tariffs", said Tony Roth, chief investment officer at Wilmington Trust in Wilmington.

U.S. President Donald Trump waves during joint statements with China's President Xi Jinping at the Great Hall of the People in Beijing, China, November 9, 2017.

In other threaded tweets, he said China has been paying tariffs to the USA and those payments are partially responsible for economic success.




It cited healthy consumer and tourism spending over the extended Labour Day holiday, as well as strong first-quarter trade figures and job creation numbers to argue that Beijing had managed to mitigate the negative fallout of US-China trade frictions. Markets had expected a U.S.

U.S. negotiators are now recommending an increase in tariffs on Chinese goods if a trade agreement is not reached by Friday. Beijing has counterpunched by targeting $US110 billion worth of American imports, focusing on farm products such as soybeans in a deliberate effort to inflict pain on Mr Trump's supporters in the U.S. heartland. Art Cashin, director of floor operations at the New York Stock exchange said: "It's putting a bid under the market".

In a tweet on Sunday he said, "The Trade Deal with China continues, but too slowly, as they attempt to renegotiate". The S&P 500 has fallen more than 2 percent so far this week. "Talks are by their nature a process of discussion".

In particular, observers were paying close attention to whether Beijing would scrap Liu's visit to the U.S.

But only hours after Trump's tweets, China's Commerce Ministry warned that the government will "have to adopt necessary countermeasures" if the US implements its plan to raise duties.

More time for talks! It also has retaliated by slowing customs clearance for United States companies in China and delaying issuing licenses in insurance and other industries.

Trump's tweets left no room for backing down, and Lighthizer made it clear that, despite continuing talks, "come Friday, there will be tariffs in place".

The Chinese reversal may give China hawks in the Trump administration, including Lighthizer, an opening to take a harder stance.

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