White House says US, China trade talks to continue Friday

White House says US, China trade talks to continue Friday
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The White House announced that the U.S. and China would continue trade talks on Friday after discussions wrapped up Thursday without a deal to avert additional tariffs.

President TrumpDonald John Trump Former US ambassador: 'Denmark is not a big fan of Donald Trump and his politics' Senate Democrats push for arms control language in defense policy bill Detroit county sheriff endorses Booker for president MORE met with U.S. Trade Representative Robert LighthizerRobert (Bob) Emmet LighthizerOn The Money: Economy adds 164K jobs in July | Trump signs two-year budget deal, but border showdown looms | US, EU strike deal on beef exports Chinese, US negotiators fine-tuning details of trade agreement: report The Trump economy keeps roaring ahead MORE and Treasury Secretary Steven MnuchinSteven Terner MnuchinTrump says he'll decide on foreign aid cuts within a week Democrats push judge for quick action on Trump tax returns lawsuit Five key players in Trump's trade battles MORE on Thursday night to discuss ongoing trade negotiations with China, the White House confirmed in a statement.

"The Ambassador and Secretary then had a working dinner with Vice Premier Liu He, and agreed to continue discussions tomorrow morning at USTR,” White House spokesman Judd Deere added in the statement, referring to Lighthizer's office.

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Trump has ordered tariffs on $200 billion in Chinese goods to rise from 10 percent to 25 percent, a tariff increase set to go into effect at 12:01 a.m. on Friday, an escalation of Trump's high-stakes trade battle with major risks for the economy and his reelection.

"For 10 months, China has been paying Tariffs to the USA of 25% on 50 Billion Dollars of High Tech, and 10% on 200 Billion Dollars of other goods," Trump tweeted Sunday. "These payments are partially responsible for our great economic results. The 10% will go up to 25% on Friday."

In return, China's Commerce Ministry on Thursday said it would take "necessary countermeasures" if the tariffs increase, according to The Associated Press.

Vice Premier Liu He had told Chinese state media that he was traveling to Washington "with sincerity" and warned that raising tariffs could hurt both countries, Bloomberg News reported.

Trump on Wednesday described Liu as a "good man" but later said at a rally that China "broke the deal."

Still, the president appeared hopeful on Thursday that a deal would be reached. 

“I think it’ll be a very strong day,” he said, adding, “I have no idea what’s going to happen.” 

He also asserted that American tariffs on Chinese goods were bringing “billions” of dollars to the U.S. government. 

“Our alternative is an excellent one,” the president said. “It’s an alternative I’ve spoken about for years. We’ve taken well over $100 billion from China in a year.”

Meanwhile, the S&P 500 retreated for a fourth day Thursday following Trump's tweet vowing the tariffs. This is the worst dip in the index this year.