China makes statement on US planned measures to raise tariffs

AMD and Nvidia Analysts Worry Amid US-China Tensions

Stock markets around the world have slumped after US President Donald Trump's unexpected threat to impose new tariffs on Chinese exports.

The ramping up of trade tensions between the world's two biggest economies has dragged on markets this week.

Beijing is calling for an immediate end to American retaliatory measures on trade - which have dented China's economic growth - and it believes it has already made enough concessions to the US.

After some speculation that a Chinese delegation may not travel to Washington for trade talks, a spokesman for China's foreign ministry confirmed that officials would attend the meetings on Thursday and Friday.

Top US trade officials said China had backtracked on previous commitments made in talks, and this reversal was what prompted President Donald Trump's earlier announcement that the United States would raise tariffs on billions of dollars worth of Chinese goods on Friday.

Monday's comments from Lighthizer and Mnuchin raised concerns among some investors that trade talks between China and the United States could take much longer to resolve than previously thought.

"Guess what, that's not going to happen!"

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Trump said in another tweet that "China has just informed us that they (Vice-Premier) are now coming to the USA to make a deal".

The US Trade Representative's office said tariffs on $US200 billion ($A285 billion) of Chinese goods would rise to 25 per cent from 10 per cent on Friday.

Mr Lighthizer, without giving details on specifically what promises China had broken, said: "We're moving backwards instead of forwards and, in the President's view, that's not acceptable".

That message was reinforced by financial markets, as USA stocks fell by more than two percent for the first time in months amid concerns the renewed trade tensions could scuttle a deal.

Trump's last-minute escalation highlights his administration's hard political position as it tries to fend off criticism that he has not been sufficiently tough on China.

On Sunday, Trump threatened to ramp up levies on $200 billion worth of Chinese goods, increasing the rate from 10% to 25%, and set a 25% tariff on $325 billion of now untaxed goods, including many consumer products.

Some in the US and China speculated on Sunday and Monday that Trump's Sunday tweets might be just an empty threat meant to give USA negotiators additional leverage in the talks.

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'Weak growth in Chinese exports to the U.S. will also be concerning to Chinese officials, particularly amid a potential escalation in the trade war, ' said Nick Marro, an analyst at The Economist Intelligence Unit. We saw this last summer, as Trump continued to insult North Korean Leader Kim Jong-un-calling the dictator "little Rocket Man", while threatening nuclear annihilation over Twitter.

The Cboe Volatility Index (VIX), known as the "fear gauge", rose to its highest point since January, a sign that Wall Street is throwing a mini-tantrum over Trump's trade policies.

In the same four-month period, imports of American goods plunged 30.4% following Chinese retaliatory duties and orders to buyers to find other suppliers. Also unclear is what would happen to the U.S. tariffs on Chinese imports.

"We understand that Mr. Trump and his administration have broad goals they want to achieve for our country, but farmers are in a desperate situation".

He also said any hope by the Chinese regime to renegotiate a future trade deal with a Democratic presidential administration would go unfulfilled.

Geng referred specific questions on the trade talks to the Commerce Ministry, which did not respond immediately to faxed questions from Reuters. The United States also wants other changes including cuts in subsidies to Chinese industry.

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