Trade war: US-China trade battle in five charts

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The levy would increase tariffs to 25 percent from 10 percent on $200 billion worth of Chinese goods.

The announcement came a day after US President Donald Trump's surprise announcement that the US would hike its tariffs amid talks between the world's two biggest economies on ending their trade war.

China is notorious for its bad faith in global relations, so we shouldn't be surprised that it apparently has reneged on commitments made during negotiations. "Our teams are in continued negotiations".

Fundamentally, not much has changed in the past 24 hours, though a Reuters report said China changed much of the draft agreement, removing many concessions it had reportedly made. Trump announced the plan on Sunday.

Chinese Vice Premier Liu He will head to the USA this week for the next round of trade talks, the government announced Tuesday.

The rapid deterioration of negotiations rattled global stock markets, bonds and commodities this week. And while some market analysts still expect the countries to clinch a deal, others think Mr. Trump's aggressive rhetoric is unlikely to sway the Chinese.

"Escalating the trade conflict is not in the interest of the people in both countries and the world".

"We'll see, but I am very happy with over $100 Billion a year in Tariffs filling U.S. coffers". US officials have said Chinese negotiators reneged in the past week on provisions in a draft deal the USA considered settled.

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Vice Premier Liu He is still expected in Washington starting today to continue negotiations. -China trade dispute, to the talks.

In particular, observers were paying close attention to whether Beijing would scrap Liu's visit to the U.S.

It's unclear whether the brinksmanship tactics from the Trump administration will help or hurt the prospects of a deal getting done quickly, something that investors want.

Trump also has sought massive hikes in Chinese purchases of US farm, energy and manufactured products to shrink a gaping USA trade deficit with China.

Not only does the United States accuse China of stealing intellectual property, but it wants Beijing to make changes to its economic policies, which it says unfairly favour domestic companies through subsidies.

Trump, who has embraced largely protectionist policies as part of his "America First" agenda, warned China on Wednesday that it was mistaken if it hoped to delay a trade deal until a Democrat controlled the White House.

The trade tensions have also rattled financial markets, jeopardising a United States stock market rally that Mr Trump sees as a vote of confidence in his economic policies. As recently as last week the USA had been expressing optimism about the possibility of a deal being announced this week, but with Trump's new tariff threats everything has been thrown into doubt creating confusion which has resulted in United States stock markets taking a dive at least briefly. Trump said. In a subsequent tweet, he wrote: "Guess what, that's not going to happen".