Trump ratchets up tariff threat after talks show no progress

US Treasury Secretary Steven Mnuchin has been locked in the trade talks with China

USA stock indexes, which opened sharply lower on Friday, reversed course and were in mostly positive territory in late afternoon trading in NY.

The two powers have traded retaliatory tariffs but also engaged in talks, which appeared until recently to be progressing and nearing a final deal.

US President Donald Trump's increased tariffs on $200 billion (€178 billion) of Chinese goods entering the United States took effect on Friday. Economic and trade cooperation featuring equality and mutual benefit has acted as the "ballast stone" and "propeller" in China-U.S. relations as their trade volume has grown from less than 2.5 billion U.S. dollars to more than 630 billion dollars in the past four decades.

Before the latest round of meetings, Liu told Chinese state media he was coming to Washington under pressure but "with sincerity" and warned that a move to raise tariffs by the US starting Friday was not a solution. He said negotiations had not broken down but added that China was not willing to make concessions on "principle issues", the New York Times reported. The International Monetary Fund estimates the pullback on the USA expansion at about 0.2 point, and potentially more if there's a blow to markets and confidence.

"Over the course of the past two days, the United States and China have held candid and constructive conversations on the status of the trade relationship between both countries", Trump said, praising his relationship with Chinese President Xi Jinping and saying the negotiations would carry on.

Wall St. whipsaws after Trump threatens China with further tariff
The U.S. already imposes a 10 percent tariff on $200 billion of goods and a 25 percent tariff on $50 billion of tech products. Declining issues outnumbered advancing ones on the NYSE by a 1.55-to-1 ratio; on Nasdaq, a 1.48-to-1 ratio favored decliners.

"Such an impact on United States companies and industries will not be less severe than from the tariffs", Song said.

Trump justified the higher tariffs with a string of bogus economic logic, proclaiming on Twitter that the tariffs will make the US economy stronger and bring more wealth to the United States.

It was highly unlikely that the Chinese would agree to another "Open Door Policy" considering that this could have very easily favored the U.S.at their expense, and there was close to no chance of the negotiations continuing in good faith after President Trump publicly insulted the Chinese trade team in parallel with the Pentagon's provocative interactions with Taiwan. "We will continue to negotiate with China in the hopes that they do not again try to redo deal!"

The latest US increase might hit American consumers harder, said Jake Parker, vice president of the U.S.

US stocks fell for a fifth day on Friday, leaving the S&P 500 Index poised for its biggest weekly drop this year, after Asian equities whipsawed in heavy trading.

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The increased tensions, if not resolved soon by a deal between Beijing and Washington, could have an impact on the global economy far beyond those two capital cities and the nations behind them. Shipments take about three weeks to cross the Pacific Ocean by sea, giving negotiators more time to reach a settlement before importers may have to pay the increased charges.

The Trump Administration has myriad problems with China, centered on claims in the South China Sea and the status of Taiwan. "This is inevitable", Liu pointed out.

A tech industry group says tariffs are taxes, and "higher tariffs are only higher taxes", in response to President Donald Trump's decision to increase tariffs on $200 billion worth of Chinese imports to 25%.

Trump told reporters he believes "tariffs for our country are very powerful", and would benefit America's economy.

"NO ONE WINS A TRADE WAR", trade analyst Chad Bown of the Peterson Institute for International Economics said on Twitter.

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