U.S., Mexico resume talks to avert tariffs as deadline approaches

U.S. and Mexican negotiators resumed migration talks on Friday to try to avert a potential trade war that could hurt both countries' economies and rattle investors already nervous about Washington's escalating battle with China. U.S. President Donald Trump shook global markets, Mexican officials and his fellow Republicans in Congress last week by threatening 5% tariffs on Mexican imports starting on Monday if Mexico did not do more to stem an increase in migrants heading for the U.S. southern border.

Here's a snapshot of latest developments on Friday: * U.S. officials welcomed Mexico's immigration proposals but cautioned there is a long way to go before any agreement to drop the tariffs. Trump will have the final say over any deal, U.S. Vice President Mike Pence has said.

* The United States is on track to implement the tariffs on Mexican goods on Monday, White House press secretary Sarah Sanders said on Friday. "Our position is still the same and we're moving forward with the tariffs. They'll go into effect on Monday," Sanders told reporters * U.S. officials officially granted Chinese exporters two more weeks to get their products into the United States before increasing tariffs on those items, according to a U.S. government notice posted online on Friday.

* Global equities rose on the prospect that central banks, including the U.S. Federal Reserve, would loosen monetary policy to offset trade frictions and the threat of global recession. * The synchronized global economic expansion, cheered on by investors who pushed Wall Street stocks to a record high last month, has started to sour and is increasingly at risk from the developing trade war between the U.S. and China.