Chinese Vice Premier Liu He (left) is expected to be in Washington on Thursday and Friday of this week for further talks [Mark Schiefelbein/Reuters]

US officials have said China backtracked on substantial commitments it made during trade talks with the United States, prompting President Donald Trump to impose additional tariffs on Chinese goods slated to go into effect on Friday.

The swift deterioration in negotiations between the world’s two largest economies hit global financial markets as investors faced the prospect of an escalation rather than an end to a 10-month-old trade war.

On Sunday, Trump tweeted he would raise tariffs on $200bn worth of Chinese goods from 10 percent to 25 percent by the end of the week, and would “soon” target the

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