Sunday , August 1 2021

Asian markets are falling as Trump says China has "broken a deal" from Investing.com



© Reuters.

Investments.com – Asian markets fell on Thursday in Asia, as US President Donald Trump said before a key trading talk tomorrow that China "broke the deal."

China dropped by 1.1% and 0.7%, respectively, by 10:30 am (02:30 GMT). Hong Kong dropped 1.6 percent.

Although not the main target driver, data show this morning that China in April jumped 2.5 percent a year ago, in line with expectations, but slightly higher than 2.3 percent for a year in March.

Data on pork (+ 14.4% per annum) contributed to higher food prices, data from the State Statistical Office showed.

Japan is down 1.2 percent. South Korea has declined by 1.2%.

Down, Australia climbed to 0.3%.

Trade-related news is expected to dominate headlines for the rest of the week, while markets are awaiting the outcome of much-awaited negotiations on Friday.

Overnight, Trump said China "broke the deal" in the ongoing US and China trade talks.

"By the way, do you see the tariffs we make? Because they broke the deal, they broke the deal," Trump said. "So they fly, the Deputy Prime Minister flies tomorrow – a good man – but they broke the deal. They can not do it, so they will pay."

Talks with China were moving "too slowly" while Beijing tried to negotiate again, the president says. It happened as a shock as several major notifications quoted by insider sources, such as last week, as well as last week, that both sides are approaching a trade agreement and that the agreement could be signed this Friday.

Trump added that the United States "will not retreat until China stops cheating our workers and stealing our jobs."

"That's what will happen. Otherwise, we do not have to do business with them," he said. "We can make the product right here, if it needs – as we used to."

"If we do not make the deal, nothing is wrong with taking over $ 100 billion a year, $ 100 billion, we've never done it before," he said.

China, for its part, said that Beijing would retaliate if the United States is pursuing its threat to increase tariffs of $ 200 billion from Chinese goods.

"The escalation of friction in trade is not in the interest of the people of both countries and people in the world," the ministry said. "The Chinese side deeply regrets that if tariff measures are implemented in the United States, China will have to take the necessary countermeasures."

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