China's backtracking on trade commitments triggered U.S. tariff hike

Chinese Vice Premier Liu He will travel to the US for trade talks on May 9 and 10 2019

That follows Tuesday's decline of 473 points, or 1.8 percent, to 25,966, marking the blue-chip index's first close below 26,000 since March 29, and a smaller dip on Monday. Some of this can be attributed to market fluctuations-it's hard to find a tech stock whose price doesn't change daily-but it could also indicate unease about how the companies will fare based on these trade talks.

"We're moving backwards instead of forwards, and in the president's view that's not acceptable", his top trade adviser, Robert Lighthizer, told reporters Monday. So far, McEwan added, tariffs had knocked 0.4 points off China's growth and 0.2% off United States growth. "Come on, man", Biden said during a campaign stop in Iowa. Treasury Secretary Steven Mnuchin told The New York Times last month that negotiations were in the "final laps".

In a note to clients on Monday, strategists at Morgan Stanley wrote: "Our base case is that the United States and China tariffs have stabilised, the sides will reach a deal that removes tariffs in stages, but long term non-tariff commerce barriers will continue to rise".

A spokesperson at the Chinese Embassy in Washington did not immediately respond to queries about the U.S. assertions. "Adding tariffs will not solve any problem", Chinese Foreign Ministry spokesman Geng Shuang said at a regular media briefing.

China's major trading partners, big multinational suppliers like Caterpillar and global investors have been closely watching to see how long it will take support measures announced in recent months to take hold. China has threatened to retaliate against any step up in U.S. action.

This time, the president compounded his false claim by stating that the USA has "never taken in 10 cents from China, and now we're taking in billions and billions of dollars".

Earlier Wednesday, US President Donald Trump said he would be happy to keep tariffs in place on Chinese imports.

However, he insisted an agreement was still possible.

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The United States is demanding sweeping changes to China's economic policies.

CNN correspondent Matt Rivers said China is blinking in the game of "last-minute brinksmanship" on the U.S. "To be clear, tariffs are taxes that Americans pay, and this sudden increase with little notice will only punish U.S farmers, businesses and consumers".

In a second tweet, Trump wrote that China is holding out for a Democrat to defeating him in the 2020 election. China is sending Vice Premier Liu He, its lead negotiator for the U.S. -China Business Council, peaking at $3.5 billion in 2017.

"Week after week, we've heard there has been progress and that a deal would be reached", said Kate Warne, investment strategist at Edward Jones.

Trump said in another tweet that "China has just informed us that they (Vice-Premier) are now coming to the make a deal". He also threatened to impose an extra 25% levy on another $325 billion of Chinese goods "shortly".

Negotiations on removing punitive USA tariffs has been one of the remaining sticking points.

China has placed tariffs on more than 800 US products, "including soybeans, pork, dairy products, fruits and nuts, seafood, and processed products", according to the nonpartisan Congressional Research Service.

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