DEVELOPING: President Trump's tweets on China tariffs throw global markets into a dive; put upcoming trade talks into doubt.
A 100-person delegation led by Chinese Vice Premier Liu He was scheduled to arrive in Washington on Wednesday. However, a spokesman for China’s Ministry of Foreign Affairs said Monday some of that team was still “preparing to travel to the U.S. for the trade talks.”
The massive selloff triggered by Trump's tweets comes as markets were settling down after a slew of positive economic metrics assuaged fears of a global slowdown, and after comments from Washington that indicated the negotiations between the two sides were progressing well. Treasury Secretary Steven Mnuchin, who visited Beijing last month, along with U.S. Trade Representative Robert Lighthizer, had characterized the deal as"getting into the final laps."Vice President Mike Pence also conveyed an upbeat sentiment,“This has all the makings of a complete disaster that could lead the stock market to crater this week and send those external risks to the U.S. economic outlook soaring,” said Chris Rupkey, chief financial economist at MUFG Union Bank.
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