U.S., Chinese negotiators end trade talks with no deal

U.S., Chinese negotiators end trade talks with no deal

On Wednesday, speaking at a rally in Florida, President Trump blamed China for the deadlock in trade talks and said the tariff hikes from the U.S were forced by China which "broke the deal" by reneging on previous commitments.

A barge pushes a container ship to the dockyard in Qingdao in eastern China's Shandong province.

Overnight Friday, amid increasing fears of a trade war, the United States hiked tariffs on $200 billion in Chinese goods to 25 percent from 10 percent following a sit-down between both sides Thursday in Washington. USA and Chinese officials are to resume negotiations later on Friday morning for a second day as the world's two largest economies seek to hammer out an agreement.

Over the weekend Trump said a deal was within reach but then China started renegotiating.

Trump began the standoff because of complaints about unfair Chinese trade practices.

The US team met with Trump late Thursday night to brief him and "agreed to continue discussions tomorrow morning at USTR", the White House said in a statement.

Meanwhile, stocks in China rallied Friday despite the USA hiking tariffs on Chinese goods at midnight.

On Thursday, National Retail Federation vice president David French told reporters that the business community is united against using tariffs as a negotiating tool. The question is: "where do they go for retaliation?" said James Green, a senior adviser at McLarty Associates who until August was the top USTR official at the embassy in Beijing.

"CEOs are deeply concerned that a return to tariff escalation with China will hurt the USA economy and American workers, businesses, and farmers", the Business Roundtable said in a statement.

"I want to get along with China", he said.

But he held out hopes of salvaging a trade deal, even with the sudden flare-up in hostilities.

"It's possible to do it", Trump said. "I did get last night a very lovely letter from President Xi".

While he expects the tariff hike to go ahead on Friday, he says this wouldn't be the "the end of the game".

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"Investors are starting to fear that trade wars aren't as easy to win as the president has been declaring", said Ed Yardeni, president of Yardeni Research. Commerce Ministry spokesman Gao Feng said the decision to send Liu to Washington despite the tariff hike threat demonstrated China's "utmost sincerity".

"I hope to engage in rational and candid exchanges with the USA side", he told Chinese state media.

That increase would affect Chinese imports from computer modems and routers to vacuum cleaners, furniture, lighting and building materials.

Mainland Chinese stocks soared.

Federal Register said the increased tariffs will be applied to USA -bound goods exported from China.

That could effectively provide a short grace period for the sides to avert an even more serious escalation.

Imposing U.S. tariffs on all Chinese goods would reduce potential U.S. and global output by $625 billion by next year, according to one estimate. "Try looking at all of the tariffs that China's been paying us for the last eight months".

"He just wrote me a lovely letter, I just received it, and I'll probably speak to him by phone, but look, we have two great alternatives, our country is doing fantastically well", Trump said.

"The tariff increase inflicts significant harm on US industry, farmers and consumers", said Jacob Parker, vice president of the US-China Business Council, a trade group that represents American companies' interests in China.

Steven Mnuchin and US Trade Representative Robert Lighthizer then headed for the White House.

But the uncertainty was enough to rattle markets, especially since China has threatened retaliatory measures.

Consumers are also feeling some pain: The American Apparel and Footwear Association estimates that a 25% tariff on apparel imports will increase costs for a family of four by $500 a year.

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