China stocks tumble on Trump tariff threat

President Donald Trump took to Twitter on Sunday to announce his plans to increase tariffs on Chinese imports.

President Donald Trump raised pressure on China on Sunday, threatening to hike tariffs on $200 billion worth of Chinese goods in a tweet that sent financial markets swooning. Negotiations have reportedly become more contentious in the end stage, however, though USA officials said that last week's talks in Beijing were productive.

President Trump threatened China with an nearly hilariously dramatic trade war escalation on Sunday, days before a Chinese delegation of more than a hundred people arrive in Washington to iron out a final deal.

Mr Trump tweeted, "The Trade Deal with China continues, but too slowly, as they attempt to renegotiate. No!"

"It's not in his interest for shares to go down as it would hit USA business confidence and investment, and that would shoot up unemployment". Mr Trump has pledged not to impose auto tariffs on Japan and the European Union while trade negotiations with those partners are underway.

Trump's threat could even work as intended, as any world leader who thinks Trump actually knows what he's doing, listens to his advisers, or regularly understands the real world consequences of anything he does or says, has not been paying much attention.

The administration repeatedly has suggested that the negotiators were making progress.

Chinese President Xi Jinping's top trade envoy, Liu He, was slated to return to Washington on Wednesday for what was expected to be a closing round of trade talks.

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The US president originally imposed a 10 percent tariff on these goods in September that was due to rise in January, but postponed this as negotiations advanced.

The two countries have been locked in a high-stakes dispute over China's push to establish itself as a technological superpower. The deadline ended in March, which was extended by Trump and he did not increase the import tariffs.

The US has imposed tariffs on United States dollars 250 billion of Chinese goods, having accused the country of unfair trade practices.

The US officials had previously said that a deal could be reached by Friday.

Trump and the Chinese president will decide after the negotiations this week whether they'll meet to sign off on a pact.

In Sydney the benchmark ASX200 was off 1.1% while the Australian dollar - a proxy trade for the Chinese economy and commodities - fell 0.7% and is now below the US70c mark.

- Tariffs of 5 per cent to 10 per cent on $60 billion worth of United States goods, including liquefied natural gas, chemicals, frozen vegetables and food ingredients, imposed on September 24. Increasing the tariffs to 25 percent on $200 worth billion of Chinese goods would turn that figure to 0.9 percent, while imposing 25 percent tariffs on the rest of the $325 billion worth of goods would drag GDP growth down by 1.5 percent.

"Investors will remain bearish on the yuan, as they reprice in trade war risks because the new developments are a reversal of previous positive progress", Ken Cheung, senior foreign-exchange strategist at Mizuho Bank.

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