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Wall Street tumbled at the start of trading Thursday as global markets extended losses on fears of an escalation in the trade war between Washington and Beijing investors growing more jittery as the clock ticks toward a midnight deadline when president trump plans to hike tariffs on two hundred billion dollars worth of Chinese made goods from ten percent to twenty five percent at a rally Wednesday night truck showed no sign of changing his mind so I just will increase so John no we won't back down until China stops cheating or workers and stealing their jobs and that's what's going to happen that means a terror of bulk will now sit awkwardly in the middle of two days of trade talks in Washington China's commerce ministry responded on Thursday show me folle Taina hopes the United States China half way and resolves problems through dialogue rather than unilateral steps in the meantime China is fully prepared the term and capable of defending its legal right now that it's you , adding it's making the ultimate gesture by still sending a team to Washington including top negotiator vice premier Liu rotors senior China correspondent Michael Martinez from what we're hearing from sources is that the real perception %HESITATION within U. S. circles that %HESITATION they think %HESITATION China perhaps miscalculated in over estimated the the United States desire to strike a date a trade deal %HESITATION for the sake of political expediency dia as one source said to me %HESITATION Leo who %HESITATION would have to go to Washington and and create some kind of miracle to prevent terrorists from going forward observers had until recently thought there was an end in sight for rotors were built exclusively on Wednesday that trump ordered the tariff hike at the White House negotiators told him China was backtracking on almost all aspects of a draft agreement made last week well the stage of the the %HESITATION trade talks is is frankly pretty high stakes for the global economy at some point %HESITATION as terrorists increase %HESITATION for many companies that it stops becoming a question of mitigating costs and it becomes %HESITATION incision about when and how to move there's supply chains %HESITATION around the region around the world global investors now waiting any clues from Thursday's talks in Washington that the two sides are ready to back away from the brink