China state media says three main differences remain in U.S. trade talks

Trump raises tariffs on $200 billion of Chinese goods, prompting Chinese warning

U.S. markets slide following tariff increase, trade talks

"The only problem is that they know I am going to win (best economy & employment numbers in US history, & much more), and the deal will become far worse for them if it has to be negotiated in my second term". "The only problem is that they know I am going to win", he tweeted.

The tariffs are a one-two punch for Beijing, coming on the heels of Friday morning's tariff hike which more than doubled levies on US$200 billion worth of Chinese goods from 10 per cent to 25 per cent.

However, Mr. Trump said the trade talks, which last just two hours on Friday, were "candid" and "constructive", and insisted his relationship with China's President Xi Jinping is strong.

The trade war has weighed on the Chinese economy. The lawyer also retweeted MSNBC host Lawrence O'Donnell's reply to Trump's tweet that "Tariffs are NOW being paid to the United States by China" and that "These massive payments go directly to the Treasury of the U.S". If Trump eventually raises tariffs on all goods imported from China and there is retaliation, the estimate of economic damage increasese to $100 billion, or around $800 per household.

Meanwhile, the recent round of US-Chinese trade talks concluded Friday without any agreement, but the sides have agreed to meet for the next round of negotiations in Beijing.

"Negotiations have not broken down, but rather on the contrary, this is only a normal twist in the negotiations between the two countries, it is inevitable", Liu said.

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Liu He, China's vice premier (L) departs the Office of the U.S. Trade Representative in Washington, D.C., U.S., on Thursday, May 9, 2019.

Liu also struck a note of defiance.

The Global Times said the US is wrong in "believing China is unilaterally benefitting from China-US economic and trade relations". "But China is not afraid, nor are the Chinese people", adding that "China needs a cooperative agreement with equality and dignity".

On May 5, Trump erupted on Twitter, saying the talks were progressing "too slowly", accusing the Chinese of backing out of commitments and announcing the tariff increase.

Earlier on Wednesday, Trump argued along the same lines, tweeting that China's reported detour from the draft deal with the USA is a sign that it is pinning its hopes on Democratic presidential frontrunner Joe Biden or another one of "the very weak Democrats". He is heading back to Beijing where officials from both sides expect to hold more talks in the near future.

The two countries also have different views on the amount of purchases to be carried out by China, which the commentary said should be "in line with real demand", Xinhua News Agency wrote in a commentary published Saturday.

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Yang Delong, chief economist at First Seafront Fund Management in Shanghai, told AFP that the "sudden hardening" of Trump's tone is likely linked to the 2020 presidential election.

Mr Trump said last Sunday that he might extend penalties to all Chinese goods shipped to the United States. It is this method that increases the likelihood of an eventual win-win deal being signed and in the meantime, this approach can help to calm the nerves of global markets that are desperate for an end to the trade war.

Obama and "the Administration of Sleepy Joe" allowed China to get away with "murder", Trump said in another tweet.

Major U.S. stock indexes, which had fallen sharply through the week as investors anxious that the 10-month-old trade war could spiral out of control, reversed course to close higher on Friday after Mnuchin said the trade talks were "constructive". On about one third of total United States imports from China, the rate has risen from 10 percent to 25 percent.

U.S. Agriculture Secretary Sonny Perdue said on Friday that Trump had asked him to create a plan to support American farmers.

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