Trump's comment sent US stocks sharply lower, undercutting a recent recovery.
President Donald Trump cast more doubt on chances for a trade deal with Beijing on Friday, signaling he might cancel talks set for September amid an intensifying US-China trade war.
The US Treasury then declared China a currency manipulator, after the yuan lost value in the face of the new round of tariffs due to take effect September 1. His comments sent US stocks sharply lower, losing as much as 250 points, undercutting a recent recovery from the continued concerns the trade war will cause a slowdown in the global economy. Shares recovered somewhat but still closed in the red.The countries have imposed tariffs on $360 billion in two-way trade, and with the new round announced by Trump all Chinese goods would be subject to punishing duties.
"The Chinese yuan, which has been in the spotlight all week is edging closer to its recent decade-long low," Gorilla Trades strategist Ken Berman said in a note.
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