The president sprinkled his criticisms of China over the last 48 hours with enough signals that negotiations haven't completely broken down that traders rushed back into the beaten down market to find bargains. "We had a deal that was very close and they broke it". Growth in the world's second-largest economy held steady at 6.4 per cent over a year earlier in the latest quarter, supported by higher government spending and bank lending.
"We're having a little squabble with China because we've been treated very unfairly for many, many decades", Trump said, referring to USA complaints about Chinese intellectual property and subsidy practices.
After the near collapse of trade talks with China last week, Trump on Friday imposed punitive duties on United States dollars 200 billion worth of Chinese imports, raising them to 25 per cent from 10 per cent.
The Dow Jones industrial average rose by 207.06 points, or 0.8 per cent, to 25,532.05 as the S&P 500 gained 22.54 points, or 0.8 per cent, to 2,834.41 and the technology-focused Nasdaq climbed 87.47 points, or 1.1 per cent, to 7,734.49.
Speaking several hours later at a dinner gathering at the White House, Trump said it should be clear in "three or four weeks" if a US trade delegation's trip to Beijing two weeks ago was successful. "It will all happen, and much faster than people think!"
Benchmark U.S. 10-year Treasury notes last fell 6/32 in price to yield 2.4245%, from 2.405% late on Monday.
The U.S. tariff hike was enacted in response to the Chinese regime allegedly reneging on commitments negotiated over months of trade discussions.
Based on an accelerated schedule laid out by the U.S. Trade Representative's (USTR) office late on Monday, Trump will be in a position to launch 25% tariffs on another $300 billion worth of Chinese goods when he meets with Xi, adding potential leverage. "In addition to that, we have another United States dollars 325 billion that we can do if we decide to do it", Trump said in Washington on Tuesday. The USTR noted it excludes pharmaceuticals and rare earths minerals used in electronics and batteries.
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The trade war between the world's two biggest economies is escalating, as China announced it will raise tariffs on $60 billion worth of US imports, in response to tariffs President Trump levied Friday.
Fears that the United States and China were spiralling into a fiercer, more protracted trade dispute that could derail the global economy have shaken investors in the past week.
Some members of Congress who have been supportive of Trump's tough stance on China expressed concern that the president is escalating tariffs without an exit strategy.
US agricultural products have been targeted by China's retaliatory tariffs, and American farmers, a key political constituency for Trump, are increasingly frustrated with the failure of the two sides to find a solution to the dispute.
Japan's Nikkei stock index fell to its lowest since mid-February, while broader Asian markets were dragged down by a selloff in Chinese shares.
The United States and China have so far exchanged tariffs on more than $360 billion in two-way trade. "The two heads of state maintain contact through various means", foreign ministry spokesman Geng Shuang said at a regular briefing on Tuesday.
Last week, the two sides concluded a round of trade talks in Washington D.C. without reaching an agreement. "So we've got to confront China on that". Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.