We'll use tariff revenue to buy more crops than China ever did

Chinese President Xi Jinping and U.S. President Donald Trump attend a welcoming ceremony Nov. 9 2017 in Beijing China. Trump and Jinping are close to finalizing a trade deal between their two nations

US President Donald Trump said China "broke the deal" in trade talks, ramping up hostilities ahead of negotiations between the two sides.

"Tariffs will bring in FAR MORE wealth to our Country than even a phenomenal deal of the traditional kind", he said in a follow-up tweet.

Trump added that there was "absolutely no need to rush" on removing the tariffs, saying that these "massive payments" from China to the United States went "directly to the Treasury".

China wants tariffs lifted as soon as an agreement is reached, while USA officials want to keep them as leverage to ensure compliance.

Though most economists say such a broadening of the trade conflict would inflict serious damage on both economies, the president insists his tariffs helped the United States economy grow at a 3.2 per cent annual rate in the first quarter.

President Trump helped spark a tumultuous week on Wall Street by announcing on Twitter Sunday that his administration will be steeply increasing tariffs Friday on $200 billion in goods, rising tariffs from 10% to 25%.

China said it would take unspecified countermeasures.

"While we believe that a trade deal will eventually be reached between the United States and China, the risk of a complete breakdown in trade talks has certainly increased", Taylor said.

The biggest Chinese import sector affected by the rate hike is a $20 billion-plus category of internet modems, routers and other data transmission devices, plus about $12 billion worth of printed circuit boards used in a huge range of US-made products.

Shares in Asia were mixed Friday amid renewed investor jitters about the possible impact of the trade battle on global economic growth.

OnePlus 7 Pro will be a T-Mobile exclusive in the US
The 8GB RAM variant of the OnePlus 7 Pro comes in all three color options - Mirror Gray, Nebula Blue, and Almond. The speaker grille sits on the bottom of the device, and the same can be said for the phone's SIM card tray.

Senate Intelligence Committee Subpoenas Donald Trump Jr
Donald Trump Jr . takes a break during the Senate intelligence committee , in Washington, D.C., on December 13, 2017. Trump Jr.in the hearing said he was " peripherally aware " of the potential project.

Prince Harry 'over the moon' as Meghan gives birth to a boy
He added: "The baby's a little bit overdue so we've had a little bit of time to think about it, that's the next bit". What will the baby be called? "It may well be that they (Harry and Meghan) decide not".

The US has more than doubled tariffs on $200bn (£153.7bn) worth of Chinese products, in a sharp escalation of the countries' damaging trade war.

Heightened trade tensions between the US and China, including higher tariffs, "will weaken consumer and business confidence in the context of an already slowing global economy", Elena Duggar, an assistant director at Moody's Investors Service, said in a statement.

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. "And they'll see what they can do", he said.

The move "exacerbates the uncertainty in the global trading environment, further raises tensions between the USA and China, negatively affects global sentiment and adds to risk aversion globally", said Michael Taylor, managing director for credit strategy and standards at Moody's Investors Service in Hong Kong.

The Trump administration raised duties from 10% to 25% on £155 billion of Chinese imports.

During an appearance on "America's Newsroom" Friday, Bartiromo said, "I don't think the US has any choice but to get tough" as the Trump administration moved ahead with increased tariffs on $200 billion in Chinese goods.

"China should not renegotiate deals with the U.S.at the last minute", Trump tweeted.

The fresh wave of tariffs marked a sharp reversal from just last week, when US officials expressed optimism that a pact was within reach. Oxford Economics predicts the tariffs will cost the United States economy $62 billion in lost output by 2020, and lower GDP growth by three-tenths of a percentage point.

China said it will be forced to retaliate, though the government hadn't specified how as of 6:45 p.m.in Beijing. The Dow is down more than 900 points this week since Trump's tariff threat and the S&P 500 is down 3.7%. That represents a grace period during which US and Chinese negotiators could still reach a deal. That said, Trump has still left the door open for further negotiations, noting that Chinese Vice Premier Liu was "now coming to the U.S.to make a deal".

Related news:

Hot News

isis-killer-beheading-video-story-top Last minute goal costs Ajax Champions League final place
May 11, 2019 - 01:16
UEFA defended the choice of venue, saying it was impossible to predict in advance which clubs will reach the final . Klopp has spoken out on the situation during his pre-match press conference, as reported by Goal's Neil Jones .

isis-killer-beheading-video-story-top Warriors’ title defence gets tricky after Durant injury
May 11, 2019 - 01:03
He entered Wednesday averaging 35.4 points while shooting 51.8% from the field and 42.9% from 3-point range in the playoffs. The model, which simulates every game 10,000 times, is crushing its National Basketball Association picks.

isis-killer-beheading-video-story-top Mike Pompeo Visits Iraq Amid Tensions With Iran
May 11, 2019 - 00:49
Exactly one year after withdrawing from the JCPOA, the United States announced new sanctions against Iran. They warned Iran not to violate the JCPOA accord, at the same time promising some help.

isis-killer-beheading-video-story-top ANC leading voting polls
May 11, 2019 - 00:45
Many South Africans see the Democratic Alliance as a white-dominated party, while the EFF is seen as too radical and divisive. Jessie Duarte, the ANC deputy secretary-general, said the partial results were neither a "disappointment" nor a "surprise".

isis-killer-beheading-video-story-top Google Launches $399 Pixel Smartphone with Best in Class Camera
May 10, 2019 - 02:26
It also announced incognito modes on Search and YouTube so you can hide your activity even better. As both devices eschew the notch, together they present a more cohesive aesthetic.

isis-killer-beheading-video-story-top Duke and Duchess of Sussex name son Archie
May 10, 2019 - 02:23
Announcing the birth, proud dad Prince Harry said: "It's been the most awesome experience I could ever have possibly imagined". Royal family members sent well wishes and congratulations to the new parents after the announcement of the birth.

isis-killer-beheading-video-story-top Oil falls as U.S.-China trade fears overshadow supply drop
May 10, 2019 - 02:16
Brent for July settlement gained 2 cents to $70.39 a barrel on the London-based ICE Futures Europe exchange. US President Donald Trump had threatened the duties after China backtracked on a trade deal.

isis-killer-beheading-video-story-top US files plans to raise tariffs on Chinese imports
May 10, 2019 - 02:14
Trade Representative Robert Lighthizer said China was "retreating from specific commitments that had already been made". The surprise move jeopardized talks as the two largest economies in the world appeared headed for a deal.

isis-killer-beheading-video-story-top Yes, Baby Sussex's Full Name is Archie-Not Archibald
May 10, 2019 - 01:58
Bunker, but American drama Riverdale may be bringing the name back into the good graces of the TV-watching public. She added: " Archie is a lovely name, but the fact that they've chosen to call him Mountbatten-Windsor".

isis-killer-beheading-video-story-top Balotelli defends Messi and Ronaldo after UCL exits
May 09, 2019 - 00:36
The two remaining semifinalists are set to play in Amsterdam on Wednesday, with Ajax holding a 1-0 aggregate lead in the tie. I was really angry at the manager that he put me on the bench but I had to do something to help the team when I came on.

isis-killer-beheading-video-story-top Trump Tax Returns Reveal Over $1Bln in Losses
May 09, 2019 - 00:32
Though U.S. presidential candidates have traditionally released their tax returns during the campaign, Trump has refused to do so. Because when you do your taxes, your incentive is to minimize your income as much as possible to pay the least amount of taxes.

isis-killer-beheading-video-story-top Bucks look for 3-1 series lead at Boston
May 09, 2019 - 00:31
This has been perhaps the most confusing Boston Celtics season of my lifetime and just like that, it's on it's way to ending. The Celtics reserves finished with just 23 points between the two games.

isis-killer-beheading-video-story-top NBA Free Agency Odds: Kevin Durant, Kyrie Irving May Re-Sign
May 09, 2019 - 00:31
Once again, Durant carried the Warriors' scoring load - this time, with a team-high 34 points. Warriors sharpshooter Klay Thompson is eligible to become an unrestricted free agent in July.

isis-killer-beheading-video-story-top Iran to Respond to West’s Breach of Nuclear Deal Commitments by Wednesday
May 09, 2019 - 00:25
Iran said the action was being taken because the European Union and others "did not have the power to resist U.S. pressure". Currently, the accord limits Iran to enriching uranium to 3.67 per cent, which can fuel a commercial nuclear power plant.

isis-killer-beheading-video-story-top Let's See What Leicester City Can Do At Manchester City - Jurgen Klopp
May 08, 2019 - 02:08
James' Park to beat Newcastle United 3-2 on Saturday to move back to the top of the Premier League table. I'm just trying to contribute and today we went one step closer. "It's not easy, honestly.