Trump warns of ‘substantial’ hike in China tariffs

Donald Trump

Trump: warning to China

US President Donald Trump has threatened to raise tariffs on China “substantially” if the two countries fail to strike a trade deal soon.

Speaking at The Economic Club of New York, Mr Trump said negotiators were close to agreeing an initial trade agreement, and said China was keen to resolve the long-running stand-off.

“If we don’t make a deal, we’re going to substantially raise those tariffs, they’re going to be raised very substantially,” he said.

Today is the decision deadline after the six-month extension and a further postponement is expected to be announced, despite Mr Trump’s warning.

There were separate reports that US negotiators had reached an agreement with China to roll back tariffs but that President Trump had vetoed the deal, but this remains unconfirmed.

The S&P 500 and NASDAQ closed up 0.16% and 0.26% respectively, while the Dow Jones traded flat. It is the first time that the Dow has ended a trading session exactly flat since 2014, and only the third time in the last 20 years.

Hong Kong stocks dropped as the territory faced another day of anti-government protests.

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