World equities, yields close lower before US-China crunch time

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The talks were due to resume on Friday after wrapping up with no word on progress. He continues to claim that the money generated by tariffs is lifting the USA economy.

According to US government and private sector sources, China was already planning on backtracking on some important commitments it had previously made to the USA government before arriving for the new trade negotiations with the USA government.

President Donald Trump gave USA importers less than five days' notice about his decision to increase the rate on the US$200 billion category of goods to 25 per cent, which now matches the rate on a prior US$50 billion category of Chinese machinery and technology goods.

Liu said on his arrival in Washington that the prospects for the talks were "promising", but warned that raising tariffs would be "harmful to both sides", and called instead for cooperation. He appealed to Washington to avoid more tariff hikes, saying they are "not a solution to the problem" and would harm the world.

"We should not hurt innocent people", Mr Liu told CCTV.

At the White House, Trump said he received "a handsome letter" from Chinese President Xi Jinping and would "probably speak to him by phone".

Before the trade negotiations soured, China made what U.S. Agriculture Secretary Sonny Perdue described in February as some "good faith" purchases.

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This week's setback was unexpected.

Administration officials were cautious about characterizing the meetings as the high stakes negotiations are still underway, but they are expected to meet again on Friday morning to continue discussions.

Reuters, citing USA government sources, reported on Wednesday that China had backtracked on nearly all aspects of a trade deal between Washington and Beijing.

After Trump announced the tariff hike on Sunday, the S&P 500 has dropped every day.

"We're getting very close to a deal then they started to renegotiate the deal". Trump tweeted, threatening to raise the tariffs.

Goods in more than 5,700 affected product categories which left Chinese ports and airports before midnight will be subject to the original 10 percent duty rate, a CBP spokeswoman said.

The Trump administration will move ahead with tariffs on $325 billion worth of Chinese goods Friday after a round of trade talks between the United States and China on Thursday failed to produce an agreement, Fox News has learned. Only when those shipments complete the three- to four-week voyage across the Pacific to the USA would they face the 25% tariff.

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"This creates an unofficial window, potentially lasting a couple of weeks, in which negotiations can continue and generates a "soft" deadline to reach a deal", Goldman Sachs said in a report on Thursday.

If the two sides fail to reach an agreement, Trump will come closer to decoupling the US and Chinese economies - which he claims will bring blue-collar manufacturing jobs back to the United States. Materials, industrials and consumer discretionary stocks also plummeted.

"While we are disappointed that the stakes have been raised, we nevertheless support the ongoing effort by both sides to reach agreement on a strong, enforceable deal that resolves the fundamental, structural issues our members have long faced in China". But unless China blinks things can get far, far worse. The Tariffs paid to the U.S. have had little impact on product cost, mostly borne by China.

Optimism about the US-China trade talks has been one of the factors that has propelled the markets higher this year.

The men were detained in apparent retaliation after Canada arrested an executive of Chinese tech giant Huawei on USA charges of bank fraud.

Shares in Asia were mixed Friday amid renewed investor jitters that global growth might suffer in the battle between the two biggest economies and worldwide traders.

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