President Donald Trump ramped up pressure on China to finalize a trade deal during talks in Washington this week by threatening to more than double tariffs on US$200 billion of the Asian nation's sales to the world's largest economy and impose new import taxes.
China is considering canceling a planned Washington trip this week by the country's top trade negotiator, the Wall Street Journal reported. Beijing was surprised by Trump's move, the Journal reported citing a person it didn't identify, and doesn't want to negotiate under threat.
U.S. stock futures tumbled on Trump's escalation threat, with S&P 500 index futures sinking as much as 1.8 percent. The yuan plunged 0.8 percent, the most since August.
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