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China said to call off high level trade talks with US as tariff war escalates

Javier E. David
According to an EY report, 46 percent of global executives plan to buy other firms in the next 12 months, a 10 percent decline from the previous year.

China has cancelled planned trade discussions with the U.S. as both sides escalate their dispute in the wake of a new round of tariffs, The Wall Street Journal reported on Friday.

Earlier this week, President Donald Trump slapped a fresh round of tariffs on Chinese goods ahead of scheduled trade talks with Beijing, targeting 10 percent duties on $200 billion of goods. While the two camps were scheduled to meet in order to dial back tensions, The Journal reported on Friday that China rescinded a proposal to send two delegations to Washington.

The new 10 percent tariffs are below an original figure of 25 percent floated by the administration earlier. The president is also expected to threaten to hike tariffs again to squeeze Beijing at the negotiating table, but the Chinese have shown no public signs of bending.

Treasury Secretary Steven Mnuchin had been pressing ahead with attempts to restart trade talks with China. The White House did not immediately return CNBC's request for comment.

The full report can be found on The Journal's website.