Top U.S. trade officials claimed Monday that China has backtracked on substantial commitments during trade talks with the United States, prompting President Donald Trump to impose additional tariffs on Chinese goods that will go into effect Friday.
The swift deterioration in negotiations between the world's two largest economies hit global financial markets as investors faced the prospect of an escalation rather than an end to a 10-month-old trade war.
Trump tweeted Sunday that he would raise tariffs on $200 billion worth of Chinese goods to 25 percent from 10 percent by the end of the week, and would "soon" target the remaining Chinese imports with tariffs. The declaration sent stocks and oil prices lower on Monday.