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

Stocks slide again on report the U.S. plans more tariffs on Chinese goods

Stocks slide again on report the U.S. plans more tariffs on Chinese goods

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.

Recommended News

  • Pentagon could send thousands more troops to US-Mexico border

    Pentagon could send thousands more troops to US-Mexico border

    USA officials have told Reuters the support mission would be coordinated by the US military's Northern Command. Military personnel are legally prohibited from engaging in immigration enforcement.
    Brothers killed in synagogue shooting were 'inseparable'

    Brothers killed in synagogue shooting were 'inseparable'

    The police affidavit says calls began coming into 911 just before 10 a.m. He wrote of a Jewish "infestation", using a slur for Jews. Saturday, reporting "they were being attacked".
    World leaders call for lasting ceasefire for Syria

    World leaders call for lasting ceasefire for Syria

    On Friday, Erdogan said Turkey would not allow "terror groups located east of the Euphrates River" to threaten Turkey's security. The YPG said the Turkish shelling was "unprovoked" and is a distraction from the fight against Daesh in eastern Syria .
  • Prince Harry just revealed his ADORABLE nickname for his and Meghan's baby

    Prince Harry just revealed his ADORABLE nickname for his and Meghan's baby

    Speaking to the Sunday Times newspaper, the source said: "If you have one private office trying to manage both, things get hard ". Before he addressed the audience in NZ, Harry had said that he wishes a little princess is on her way.
    Merkel to stand down as CDU leader, stay German Chancellor

    Merkel to stand down as CDU leader, stay German Chancellor

    According to "multiple media reports", Merkel announced her intention to retire as the chief of the CDU. The announcement will end her 18-year run as the leader of Germany's mainstream conservative party.
    IBM to Acquire Red Hat in Huge Tech Deal

    IBM to Acquire Red Hat in Huge Tech Deal

    The boards of both companies have approved the deal, though it is still subject to Red Hat shareholder approval, they said. Imagine Red Hat reaching all corners of the world, with even deeper customer and partner relationships than we have today.
  • Onboard footage of the aborted Soyuz Russian rocket launch released

    Onboard footage of the aborted Soyuz Russian rocket launch released

    Russian rockets are manufactured in Russia and then transported by rail to the Russia-leased Baikonur cosmodrome. However, the quick return to crewed flights is likely to prove a relief to the worldwide spaceflight community.
    Ricciardo denies Verstappen in Red Bull one-two

    Ricciardo denies Verstappen in Red Bull one-two

    Ricciardo had to retire in lap 62 after smoke was seen coming from the back of his auto - his eighth retirement for the season. Only Germany's Michael Schumacher has more with seven. "I don't even think frustration is the word anymore", said Ricciardo.
    Patrick Peterson Requests Trade

    Patrick Peterson Requests Trade

    On paper, that looks like a formidable outside combination with Jones playing as the nickel back and Mills moving to safety. He has been a huge bright spot on the field this season that has provided the secondary a strong source of stability.
  • When Will Apple Release iOS 12.1?

    When Will Apple Release iOS 12.1?

    Some of the notable feature include Dual Sim support, Group FaceTime and more. iOS 12.1 brings dual SIM support , too. Apple just announced that it will be rolling out its iOS 12.1 update, for the iPhone and the iPad , starting today.
    Donald Trump Plans Aggressive Campaign for Mid-term Elections

    Donald Trump Plans Aggressive Campaign for Mid-term Elections

    Since Labour Day, the president has addressed 19 rallies and 11 are left on his schedule, thus making 30 rallies after Labour Day. Monday, it was announced that Obama is scheduled to stump with Florida's two top-of-ticket candidates, Gillum and U.S.
    Global markets in sell-off mode

    Global markets in sell-off mode

    Rising rates and the trade dispute could both impair economic growth, and some encouraging economic news helped stabilize markets. Shares of Alphabet , the parent company of Google , fell more than 2 percent after its revenue growth also missed expectations.

We are pleased to provide this opportunity to share information, experiences and observations about what's in the news.
Some of the comments may be reprinted elsewhere in the site or in the newspaper.
Thank you for taking the time to offer your thoughts.