Asia stocks mixed after Trump administration says China reneged on trade promises

New York (CNN Business)The Trump administration is taking stocks on a roller coaster ride. Investors are not pleased. Lighthizer, the top US trade negotiator, said the administration would increase penalties on $200 billion of Chinese goods to 25% from 10% on Friday. Trump renewed his threat to raise tariffs on Sunday. The stock market initially reacted fearfully Monday morning to Trump’s threat. The Dow fell as much as 471 points in early morning trading. But investors eventually changed their minds, refusing to buy into Trump’s bluster. They bet the United States and China would ultimately reach a trade resolution. The Dow ended the day down just 66 points. After Lighthizer and Mnuchin spoke, the whiplash hit hard. Stock futures tumbled …