Asia stocks set to decline as Trump threatens higher tariffs if China doesn't strike a deal

Futures pointed to a lower open for Japanese stocks. The Nikkei futures contract in Chicago was at 23,200 while its counterpart in Osaka was at 23,260. That compared against the

last close at 23,292.65. Japanese merchandise trade data for October is expected around 7:50 a.m. HK/SIN.Markets have been on edge for much of the trading week as investors seek clarity on the state of U.S.-China trade negotiations as a Dec. 15 deadline approaches. A tariff hike on Chinese imports to the U.S. is set to kick in on that date.

Trump said Tuesday he would "just raise the tariffs even higher" on Chinese goods if a deal between Washington and Beijing is not reached. CNBC reported earlier in the week, citing a government source, that China is pessimistic about the trade deal. That is reportedly due to differing views on the cancellation of tariffs.

The developments came following a recent wave of optimism after Trump said a "phase one" trade deal would get signed sometime in November.new loan prime rates, expected around 9:30 a.m. HK/SIN.

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