Talks purporting to the raise of further tariffs on Chinese imports have emerged from the White House once again, sending financial markets across the globe into a decline.
The surprise tweets from Donald Trump suggesting the move saw stocks in Europe and the US fall, following a sharp retreat in China. The president’s tweets accused Beijing of seeking to renegotiate the deal before further discussions scheduled for this week were held.
Accusing Beijing of seeking to renegotiate a deal, the US president said he would raise tariffs to 25 per cent at the end of the week unless Beijing changed its behaviour at the negotiating table.
He added that he would target a further $325bn of Chinese goods with a 25 per cent tariff, effectively covering all remaining Chinese imports to the US.
“As a matter of urgency, we still hope that the US and China will work together to move toward each other… to reach a mutually beneficial and win-win agreement,” said Geng Shuang, a spokesperson for China’s ministry of foreign affairs.
There had been an air of optimism around trade talks between China and the US, when the threat around tariffs like those now suggested were tempered by advances made towards reaching an agreement.
Analysts have suggested that Trump’s tweets are a negotiating ploy to seek additional concessions, or to ramp up the pressure on China to agree a deal favourable to the US.