US Plans More China Tariffs If Trump-Xi Meeting Fails, Sources Say

Global stocks pare gains as investors remain cautiousMore

Global stocks pare gains as investors remain cautiousMore

If the discussions fail, the Trump administration will apply a new round of tariffs targeting the rest of the US' imports from China, worth roughly US$257bn, sources familiar with the matter told Bloomberg.

The United States has already imposed tariffs on $250 billion worth of Chinese goods, and China has responded with retaliatory duties on $110 billion worth of US goods.

According to a Bloomberg report citing anonymous sources, no decisions have been made, but a new list of USA tariffs was being prepared in case the Trump-Xi meeting does not yield progress.

Among industrials, Boeing sank 6.6% to $335.59.

Trump said during an interview with Fox News late on Monday that he thought there could be an agreement with China on trade.

The price of USA crude oil fell 0.8% to $67.04 a barrel in NY. The yield on the 10-year Treasury note rose to 3.08 percent from 3.07 percent.The price of us crude oil dropped 0.8 percent to $67.04 per barrel in NY while Brent crude, used to price worldwide oils, lost 0.4 percent to $77.34 per barrel in London.Wholesale gasoline added 0.5 percent to $1.82 a gallon and heating oil slid 0.8 percent to $2.28 a gallon. Alphabet, Google's parent company, lost 4.5 percent to $1,034.73. The Shanghai Composite index rebounded 1 percent to 2,568.05 and South Korea's Kospi picked up 0.9 percent to 2,014.69. The S&P 500 index fell 0.7 percent to 2,641.25.

China's ambassador to the USA said on Tuesday that the "goodwill" and "wisdom" of the Chinese and American people would carry the countries through a tense period in their relations, and that "we have heard enough" of trade war threats and territorial sabre rattling. They've been taken out an average of USD500 billion a year for many years.




US equity futures advanced on Wednesday and European stocks jumped, tracking a rebound across Asia as the worst month for global equities in six years draws to a close.

The pan-European STOXX 600 index lost 0.14 per cent.

The euro wallowed near a 10-week low of 1.1352 as the dollar climbed to a 2 1/2-month peak against a basket of the world's top six currencies.

North American markets started the week higher but again dropped at the end of the day, this time pushed deeper on renewed trade threats against China from U.S. President Donald Trump. Italy's FTSE MIB index rose 1.9 percent after Standard & Poor's did not downgrade the company's credit rating. Brent crude, used to price global oils, lost $1.14 to $76.20 per barrel.

The December crude contract was down 55 cents at US$67.04 per barrel and the December natural gas contract was down 2.7 cents at US$3.20 per mmBTU.

The Russell 2000 is down 58.20 points, or 3.8 percent.

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