The president said in a tweet Sunday that tariffs on $200 billion worth of China-made goods would rise to 25% from 10% by Friday, and added that a similar levy on another $325 billion could be placed on China imports "shortly."
He said the trade talks between the U.S. and China, which were renewed with much fanfare in early December, had been moving "too slowly."
Trump's tweets surprised many Chinese officials, The Wall Street Journal reported, citing a person briefed on the matter, and China is considering canceling trade talks that were to resume in Washington starting Wednesday. There has been widespread expectations in recent days that a trade deal could be reached by Friday, the Journal noted.
The tamp on growth in China for Nvidia is particularly troublesome as Nvidia was hopeful for a trade deal and return to normalcy in China in order to curb the company's disappointing datacenter outlook globally and lift its other sectors, reported Real Money's Kevin Curran.
Nvidia is Real Money's stock of the day. Want to know more about the impact of the trade war on the chipmakers and other tech giants? Head over to Real Money to learn more.
Warren Buffett's been hogging headlines all weekend.
Berkshire Hathaway (BRK.A) - Get Berkshire Hathaway Inc. Class A Report (BRK.B) - Get Berkshire Hathaway Inc. Class B Report released its first-quarter 2019 earnings Saturday, just prior to its marathon shareholders meeting.
While the earnings appeared an explosive surge from the same time last year -- when Berkshire reported a loss of around $1.1 billion -- the numbers were in reality an "extremely misleading" byproduct of recently imposed accounting rules, according to Buffett, who cautioned that operating income was a more accurate indicator of the conglomerate's health. That operating income rose about 5% year-over-year from around $5.3 billion last year.