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According to analysts at TD Securities, US trade tensions have risen as the Trump Administration has threatened additional tariffs, following reports that China backtracked last week on key commitments in a draft agreement.

Key Quotes

“The Chinese trade delegation, led by Vice Premier Liu He, is expected to arrive in the US on Thursday with hopes for a last-minute trade agreement dwindling rapidly.”

“At this point, we think an increase of tariffs to 25% from 10% on USD 200bn worth of Chinese goods early Friday (at 12:01am EDT) is likely. China responded on Wednesday that it “will have to take necessary countermeasures” should the US increase tariffs.”