President Donald Trump on Friday issued a statement about the high-level trade talks this week with a Chinese delegation, saying the stiff tariffs his administration imposed Friday "may or may not be removed" while trade talks continue.
TRUMP TWEET 1
TRUMP TWEET 2
Markets responded to the statement by jumping to session highs after a roller coaster week that was marked by sharp swings, largely in response to news of progress, followed by setbacks, in the trade talks.
The statement came as talks ended early Friday afternoon, after Liu He, the top Chinese trade negotiator, left the Office of the U.S. Trade Representative, Robert Lighthizer, in Washington after two days of negotiations.
"They were constructive discussions between both parties, that's all we're going to say. Thank you," Treasury Secretary Steven Mnuchin told CNBC after Liu's departure. Both Mnuchin and Lighthizer shook hands with Liu as he departed.
The two Trump administration officials were seen entering the White House after the talks ended.
The world's two largest economies engaged in negotiations on Thursday and Friday as they tried to salvage a trade deal that appeared to be within their grasp only a week ago.
The U.S. increased tariffs on $200 billion in Chinese goods to 25% from 10% on Friday following what it called China's decision to back out of key commitments to a developing agreement. China has promised to retaliate against the tariffs, but it is unclear what action Beijing would take.
This is a developing story, please check back for updates.
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