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Trump talks tough to China before G20 meeting

28 November, 2018, 09:02 | Author: Lawrence Cooper
  • Apple Stock Drops as Trump Discusses Potential iPhone Tariff

'The main issue is how to settle down the trade war, ' the official said on condition of anonymity due to the sensitive nature of preparatory negotiations.

Supporting comments made earlier this year, US President Donald Trump has plans to enact additional tariffs on more than $200 billion in imported Chinese goods.

"The market remains in a fragile state and because of that, anytime tariffs come into the picture you have worries", said Peter Cardillo, chief market economist at Spartan Capital Securities in NY.

Since summer, trade tensions have simmered between Washington and Beijing as Trump first announced $50 billion in additional tariffs on Chinese products, arguing that the Asian nation was treating the U.S.

The financials sector slipped 0.3 per cent. Shares of Bank of Nova Scotia sat down slightly after reporting quarterly earnings below market estimates. The pan-European STOXX 600 index .STOXX lost 0.26 percent and MSCI's gauge of stocks across the globe .MIWD00000PUS gained 1.17 percent.

European markets opened subdued, but dipped as trading progressed. That left the dollar a shade firmer at 97.089 against a basket of currencies.

At 9.11am the rand was 0.13% firmer against the dollar at R13.8884, 0.07% against the euro at R15.7413, and 0.33% against the pound at R17.7544.

Given that a massive amount of electronic equipment is manufactured in China, these proposed new tariffs would likely have a major impact on the video game industry.

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Kudlow said Trump had told advisers that "in his view, there is a good possibility that a deal can be made, and that he is open to that".

Kudlow said he was not sure whether Trump and Xi would agree to a joint statement at the end of their dinner, as is typical for a meeting between two world leaders.

Kudlow added that if the US doesn't get "satisfactory" responses to its trade positions more tariffs will be imposed.

At 8:23 a.m. ET, Dow e-minis were down 112 points, or 0.46 percent.

US crude oil futures settled at $51.56 a barrel, down 7 cents or 0.14 percent, after slipping as low as $50.30 earlier in the session.

Oil prices remained weak, while the US dollar, which has benefited from safe-haven flows this year amid increased uncertainty over global trade, rose against its peers.

In commodity markets, oil prices dipped, weighed down by uncertainty over the U.S.

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