AMD and Nvidia Analysts Worry Amid US-China Tensions

Yuan Plunges, U.S. Stock Futures Drop on Trade War: Markets Wrap

Trump's announcement Sunday that he would increase tariffs on $200 billion of Chinese imports to 25% from 10% on Friday caused global stock markets to plunge. At the same time, China is preparing retaliatory tariffs on US imports should Trump carry out his threat, according to people familiar on the matter.

The US was set to impose higher tariffs on China on Friday, a day after representatives from both nations are scheduled to resume trade talks in Washington.

Now, as Trump threatens to escalate the trade war with another round of tariffs on Chinese-made goods, possibly before the end of the week, Lix says he doesn't understand where the president is going with all this. "We think this is a losing tactic with China".

"Things that are unfavorable to us, no matter how you ask, we will not take any step back. Don't even think about it", it said, adding that the Chinese economy's recent recovery shows the country's resilience. That showed in share prices of U.S. companies that get big portions of their sales from China, which had done better than the rest of the market, according to analysts at Jefferies.

A day later, Treasury Secretary Steven Mnuchin and the top US trade negotiator, Robert Lighthizer, said that China was reneging on commitments it made in earlier rounds of negotiations.

"The Trade Deal with China continues, but too slowly, as they attempt to renegotiate. No!" The Tariffs paid to the U.S. have had little impact on product cost, mostly borne by China.

President Trump's plan to hike tariffs on Chinese goods from 10% to 25% are spooking the US markets.

"These payments are partially responsible for our great economic results", he said. Previously the 25% tariff was only on $50bn worth of high-tech goods, with 10% on another $200bn. Brent crude, the worldwide standard, lost 1.9 per cent to close at US$69.88.

China's stock market took a dip as it opened, as well.

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Intellectual property rights and cyberspying are other vital issues, which have proved sticking points when it comes to an all-encompassing policing accord.

Treasury Secretary Steven Mnuchin, who briefed reporters with Lighthizer, said that Trump officials learned over the weekend that Chinese officials "were trying to go back on some of the language" that had been negotiated in 10 earlier rounds of talks.

USA negotiators are reported to have become frustrated by China's attempts to backpedal on earlier commitments made over the deal, including one related to forcing foreign companies to share their technology.

"That in our view is unacceptable", he said.

"We are optimistic generally on reaching an agreement", said Jason Oxman, president of the tech trade group the Information Technology Industry Council.

For Liu, what will be said behind closed doors will be as crucial as the message he is likely to carry from his friend and boss Xi. He also said new tariffs would go up on an additional $325 billion worth of goods. "We do not think Beijing will submit to bullying by the USA president".

Before then a resumption of the trade war would have serious implications from the global economy.

But recently it has adopted new laws, including a foreign investment law, and amended others, moves some see as efforts to tackle the concerns of the United States and other foreign investors, including those from China's largest trading partner, the European Union.

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