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>> The US and China plunging deeper into a trade war Saturday, after Beijing abandoned upcoming trade talks in Washington. That's according to the Wall Street Journal, who said a Chinese delegation due to travel to the US and a visit by Vice-Premier Liu He at the end of September have both been called off.
It comes as the White House announced further tariffs on Beijing this week.>> We're also cracking down on the unfair trade practices from China.>> At a rally late Friday, President Trump doubled down on Monday's announcements, that he would be imposing fresh tariffs on $200 billion worth of Chinese goods.
Beijing retaliated with its own tariffs Tuesday against $60 billion worth of US goods.>>
> We will handle the situation calmly. I want to emphasize that firstly, the United States threats, intimidation, and blackmail won't work on China.>> Both countries' tariffs are set to come into force on Monday and raise the risk that the US could soon impose duties on virtually all of the Chinese goods that America buys.
So far, the two largest economies have levied duties on $50 billion worth of each other's products in the intensifying spat that has jolted global financial markets.