Trump ratchets up pressure on China, threatens tariff hikes

China considering cancelling trade talks with US media reports

Trump added that an additional $325 billion worth of Chinese goods-the remainder of the total value of Chinese imports into the country-which now don't have duties, will have 25 percent tariffs imposed on them "shortly".

Trump's comments in tweets came as a Chinese delegation was due to resume talks in Washington aimed at resolving a tariffs battle that has rattled world markets.

Along with increasing existing tariff rates, Trump said an additional $US325 billion worth of goods from China will "shortly" attract tariffs of 25% as well.

Trump also threatened to slap tariffs on another $325 billion in imports from China, covering everything it ships annually to the United States.

"Nonetheless, Trump's tweet allusions to tariffs being "partially responsible for. great (US) economic results" does raise the threat of misguided trade policy" from the U.S., it said.

Trump's threat makes going ahead with talks "very hard politically" for President Xi Jinping's government, said Jake Parker, vice president of the U.S.

But Geng did not say if Vice Premier Liu He, who is China's lead official in the negotiations, was to be part of the delegation as originally planned.

Trump's remarks contradicted weeks of optimism about the talks, frequently expressed by the president himself.

Chinese and U.S. flags are set up for a meeting during a visit by U.S. Secretary of Transportation Elaine Chao at China's Ministry of Transport in Beijing, China April 27, 2018.

Chris Weston of Pepperstone in Melbourne said Trump's intervention was completely unexpected and shad shocked the markets.

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"Stock markets surged earlier this year as investors assumed that a trade deal between United States and China would be [agreed] soon", Norman Chan Tak-lam, the chief executive of Hong Kong Monetary Authority, said. The discussions remain focused toward making substantial progress on important structural issues and rebalancing the U.S.

There was no immediate reaction from China about Trump's announcement.

The Shanghai Composite index closed 5.6 per cent lower at 2,906.46 after plunging more than 6 per cent earlier in the session.

"The risk of an all-out U.S". "Tariffs paid to the U.S. have had little impact on product cost, mostly borne by China".

"Trump has taken the proverbial sledgehammer to the walnut this morning and the only two words likely to be on the minds of traders and investors this week are "trade talks"," Jeffrey Halley, a senior market analyst at OANDA, said. American businesses, while supportive of Trump's crackdown on China's trade practices, are eager for the tariffs to be removed, not expanded.

Both the USA and global firms have said they are being harmed by the trade war.

"Raising tariffs means raising taxes on millions of American families and inviting further retaliation on American farmers", said Christin Fernandez, a spokeswoman for the Retail Industry Leaders Association.

CNBC cited its own sources on May 1, that "U.S. and China may announce a trade deal by next Friday [May 10]".

The negotiating period was prolonged in March after officials from both sides said trade talks reached a breakthrough.

White House economic adviser Larry Kudlow told Fox News that the president's tweet was a warning.



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