After weeks of praising progress in trade talks with China, President Trump threatened to increase existing tariffs on Chinese-made goods unless Beijing moves closer to a deal by Friday.

In his tweet, the president said tariffs would rise to 25 percent on about $200 billion in goods – up from the current 10 percent. The news left global markets shaken with talks set to resume in Washington on Thursday.  CGTN’s Nathan King spoke with U.S. Treasury Secretary Steven Mnuchin.

CGTN’s Owen Fairclough reports at the White House. 

Follow Owen Fairclough on Twitter @owefair

To discuss all of this:

• Jeff Moon served as the assistant U.S. Trade Representative for China during the Obama administration and is currently an international consultant.
• Mary Lovely focuses on international trade and investment as an economics professor and faculty scholar at Syracuse University.
• Song Zhang is the Washington, DC bureau chief for Shanghai Wen Hui Daily.
• John Gong is an economics professor at the University of International Business and Economics in Beijing. 

For more:

US Treasury Secretary Steve Mnuchin says on US China trade talks “This is a big change of the direction in the talks” Tariffs will increase from 10% to 25% on 200 billion worth of Chinese goods 12.01 Friday Am – unless there is a deal @cgtnamerica

— nathanking (@nathanking) May 6, 2019

Threats of a deepening trade war between the U.S. and China spooked the markets, but the Dow bounced back after its 400 point plunge at open https://t.co/78FPjXvVjU pic.twitter.com/3lvXkJLDrG

— Reuters (@Reuters) May 6, 2019