Goldman Sachs Says Higher US Tariffs on China Are Coming

World shares mixed as China affirms trade talks to go ahead

Trade tensions riled stocks for the second day in a row as the Trump administration promised to make good on its threats to raise tariffs on Chinese imports beginning Friday.

"We'll see but I am very happy with over $100 Billion a year in Tariffs filling United States coffers.great for USA, not good for China!".

Global stocks were ailing after President Donald Trump Sunday threatened further tariffs on Chinese imports that could come into effect on Friday, throwing global markets into disarray. China has just informed us that they (Vice-Premier) are now coming the the U.S.to make a deal.

Shares opened lower in Europe on Thursday, extending a retreat in Asia that deepened after China's Commerce Ministry said Beijing would retaliate if the US follows through with a plan to raise tariffs on Chinese imports.

USA officials on Monday effectively canceled a six-month trade truce, accusing Chinese negotiators of backsliding on major commitments agreed to thus far in months of talks.

In each of the seven chapters of the draft trade deal, China had deleted its commitments to change laws to resolve core complaints that caused the United States to launch a trade war: Theft of US intellectual property and trade secrets; forced technology transfers; competition policy; access to financial services; and currency manipulation.

The two sides have been unable to reach a deal due, in part, to differences over the enforcement of an agreement and a timeline for removing the tariffs.

The Dow Jones Industrial Average plunged almost 600 points Tuesday after Trump administration officials accused Beijing of reneging on commitments it had already made in trade talks.

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Former Vice President Biden took heat last week when he pooh-poohed China being an economic threat to the US.

Headline indices of the Mainland China equity market closed down on Wednesday, 08 May 2019, tracking losses on global markets as fears about a breakdown in US-China trade negotiations continued to pull down cyclical stocks.

In the United States the S&P 500 fell for the fourth session in five days, declining by as much as 2.1%.

On Wednesday morning, US stock market indexes were mostly weaker again, pointing to a third straight day of losses on Wall Street.

Reuters reported Wednesday that over the previous weekend, Chinese officials tried to reverse nearly every aspect of a long-negotiated draft trade deal between the two countries. Mark Warner (D-VA) told Yahoo Finance he doesn't think Trump has a strategy - and China should be addressed with an worldwide coalition. "An all-out trade war is in no one's interest".

"We're moving backward instead of forward, and in the president's view, that's not acceptable", U.S. Trade Representative, Robert Lighthizer, told reporters Monday.

Washington said that China was seeking to renege on its commitments, rendering the 150-page draft agreement worthless. "He believes our economy is strong and he has leverage and he's trying to make the most out of this opportunity to get a deal done with China". "There is still a huge swath of Chinese imports not subject to tariffs and this will form the basis of additional talks". But Beijing has said that it is "fully prepared for an escalated trade war", adding that it might impose countermeasures to retaliate against the tariffs.

Markets continued to fall on Tuesday as investors grew increasingly concerned about a fallout in upcoming trade talks between the USA and China.

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