US President Donald Trump says a trade deal with China could be just weeks away but stopped short of announcing a summit date when any such agreement would be signed.
Chinese exports to the US have been subject to the Trump tariffs since last July. According to the US President, this is wrecking the Chinese economy but does the Asian power ultimately have more stomach for this fight?
US stock markets were down more than 2% after China announced retaliatory tariffs on US goods. Earlier, stocks also fell in Europe and Asia as the US-China trade war escalated.
Beijing has remained optimistic about resolving the trade war, while Washington has doubled down on tariffs. China's chief negotiator warned, however, that there were some lines the country wouldn't cross.
Despite months of relative optimism over Sino-US trade talks, things have hit the skids in recent days with US tariff hikes on Chinese imports. Market reaction has been negative and all eyes are now on China’s response.
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