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MANILA, May 6 (Reuters) - Shanghai base metals fell sharply on Monday, with copper and nickel declining more than 3 percent, as trade tensions between China and the United States escalated, just days after investors were upbeat about progress in the two countries' trade talks.
President Donald Trump on Sunday announced he would hike tariffs on $200 billion worth of Chinese goods this week and target hundreds of billions more soon.
Trump's remarks took Chinese officials by surprise and Beijing was considering cancelling this week's trade talks in Washington in light of his comments, the Wall Street Journal reported on Sunday night.
Just last week, U.S. Treasury Secretary Steven Mnuchin said the two countries completed "productive" trade talks in Beijing, with some observers saying a deal announcement was possible this week in Washington.
* The most-traded copper contract on the Shanghai Futures Exchange fell as much as 3.1 percent to 47,420 yuan ($6,982.98) a tonne in early trade, and was down 1.9 percent by 0209 GMT.
* The Shanghai exchange was closed for five days from May 1 for the Labour Day holidays.
* Copper on the London Metal Exchange rose on Friday on a weaker dollar and expectations for progress in U.S.-China trade talks, but the move higher was not enough to rescue prices from their worst week since November.
* Shanghai nickel futures slid as much as 3.2 percent to 95,000 yuan a tonne.
* LME Asia Week, LME's Hong Kong gathering of executives, traders and brokers, kicks off on Monday.
* For the top stories in metals and other news, click or
* Asian equities tumbled, oil prices plunged and the safe-haven yen strengthened early on Monday as trade negotiations between China and the United States deteriorated suddenly, reversing apparent progress made in recent months.
Three month LME copper
Most active ShFE copper
Three month LME aluminium
Most active ShFE aluminium
Three month LME zinc
Most active ShFE zinc
Three month LME lead
Most active ShFE lead
Three month LME nickel
Most active ShFE nickel
Three month LME tin
Most active ShFE tin
ARBS ($1 = 6.7908 Chinese yuan)
(Reporting by Enrico dela Cruz; editing by Uttaresh.V)