US President Donald Trump's tariff increase to 25 per cent on US$200 billion worth of Chinese goods took effect on Friday, ratcheting up tensions between the United States and China as they pursue last-ditch talks to try to salvage a trade deal.
Such a move would take weeks to deploy. But it would have significant repercussions for the US, Chinese and global economies.
Ahead of the talks, Liu told Chinese state media he was coming to Washington under pressure but “with sincerity” and warned that a move to raise tariffs by the US starting Friday was not a solution and would be painful for both China and the US The escalation in the trade tensions between the US and China has roiled financial markets around the world with investors who had been expecting a deal as recently as a week ago forced to confront a sharp turnaround in expectations. The S&P 500 retreated for a fourth day Thursday, falling into its worst stretch of losses this year.
At the same time, Mr Trump has seized on recent strong economic data as a sign that his trade wars are working and may even be boosting growth - something economists challenge.
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