Futures, Yuan Slammed As US Plans Higher Tariffs On $200 Billion In Chinese Imports

(Zero Hedge) Hours after Bloomberg reported that Beijing and Washington are working towards a resumption of trade talks, the Wall Street Journal reported that the two countries have “yet to make meaningful progress” moving forward from an impasse, as the next wave of US tariffs are set to hit as soon as Wednesday.

Treasury Secretary Steven Mnuchin and Chinese envoy Liu He and their staffs continue to talk about a possible meeting, said officials in both capitals, but the talks remain at a very preliminary stage. Both sides argue that it is up to the other to make the first move after several preliminary Chinese offers, mainly involving the purchase of more U.S. goods, were rejected by President  Trump as inadequate.

The two sides have agreed that their initial offers weren’t a solid base for further negotiations, according to a senior member of the U.S. business community tracking the discussions. Those included the Chinese offer to buy more U.S. exports, and the U.S. demand that China essentially scrap the industrial policy that turned it into an economic powerhouse, the senior executive said. –WSJ

But wait – now Bloomberg reports that the Trump administration is set to increase a proposed 10% tariff on $200 billion in Chinese imports to 25% – “ratcheting up pressure on Beijing to return to the negotiating table.”