Chinese President Xi Jinping and U.S. President Donald Trump attend a welcome ceremony at the Great Hall of the People in Beijing on November 9, 2017.
Fred Dufour | AFP | Getty Images
President Donald Trump blamed China's President Xi Jinping for a trade deal falling apart between the two countries in the final week. Trump said to President Xi "you had a great deal...& you backed out" in a tweet on Monday.
President Trump's tweet comes after a volatile week for trade talks last week resulting in the United States hiking the tariff rate to 25% on $200 billion of Chinese goods.
China's Commerce Ministry said it would take countermeasures against the American tariff hike. President Trump warned in his tweet that China should not retaliate to the tariffs, "will only get worse!," he wrote.
Trump said Friday that trade talks would continue with China but there are no official meetings planned in the future.
Markets whipsawed last week, reacting to each headline about whether a deal with China would get made. U.S. stock futures on Monday demonstrated this week will be no different. The Dow Jones Industrial Average futures indicated a drop of about 280 points at the open. While S&P 500 futures pointed to a loss of 1.1% while Nasdaq 100 futures indicated a drop of 1.5%.
President Trump tweeted about the tariffs a few minutes before blaming President Xi for backing out:
This is a developing story. Check back for updates.
via IFTTT
No comments:
Post a Comment