Did Trump Just Scuttle US-China Trade Talks (Again)?

Wall Street higher on tech boost focus shifts to earnings

In Germany, the Dax index dropped by 2.3% and the Cac 40 in France declined by 2.4%. The Nasdaq composite ended 0.8% lower at 8,111.12.

However, this new round of tariffs will affect a range of consumer products from clothing to electronics. "The combination of these latest tariffs, with Chinese counter retaliation, is going to take a heavy toll on USA consumers, workers, farmers, and businesses". The US Institute for Supply Management said on Thursday its index of national factory activity fell to 51.2 last month, the lowest reading since August 2016.

Oil prices rose more than 2% on Friday, regaining some ground after their biggest falls in years on U.S. President Donald Trump's threat to impose more tariffs on Chinese imports.

Mr Trump's latest move brought the US-China trade war to the fore again, overshadowing news that a two-year deal to raise the US budget had cleared its final hurdle in Congress.

The new round of tariffs will hit many consumer goods previously spared from the trade war-in earlier volleys, the Trump administration had mostly targeted industrial goods and items used for manufacturing.

Ker Gibbs, the president of the American Chamber of Commerce in Shanghai, urged both sides to keep talking. Companies shouldered an additional $1.4 billion in costs related to lost efficiency in 2018, the study found. The Federal Reserve then cut interest rates by a quarter of a percent, a measure aimed at ensuring the US economy maintains its current strength through this trade war.

Fed chair Jerome Powell said it was not the central bank's job to criticise USA trade policy, but added that trade tensions had "nearly boiled over" during May and June.

Trump said Beijing had failed to stop sales of the synthetic opioid fentanyl to the U.S., as it had promised to do. But China isn't the only country that is hurting.

Also read| US-China trade talks: What next?

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"The tariffs imposed over the past year haven't worked, and there's no evidence another tax increase on American businesses and consumers will yield new results". Another good indicator for the current healthy economy is wage growth, which has now risen 3.2% over a year ago.

The figures showed foreign trade and business investment shrank as the trade war wore on.

In economic news, the U.S. manufacturing sector expanded in July at its slowest pace in nearly three years, according to the Institute for Supply Management's purchasing manager index (PMI).

Of course, it's not our place to say whether or not the trade war will be good or bad in the long run - consumers and government officials must make that decision for themselves.

How did we get here?

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Trump had signaled days earlier that the talks, the first face-to-face meetings since negotiations fell apart in May, might not have made much progress when he tweeted harsh criticisms of China.

The overall impression is that Trump is trying to downplay what should be understood as a power play to force more concession from China.

"China agreed to buy agricultural product from the U.S.in large quantities, but did not do so", Trump wrote.

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