Home » Money

U.S. eyes more China tariffs if Trump-Xi meeting fails

01 November, 2018, 23:39 | Author: Lawrence Cooper
  • Stocks slide again on report the U.S. plans more tariffs on Chinese goods

China on Saturday denounced Donald Trump's accusation that Beijing is stalling efforts to disarm North Korea as "irresponsible", after the USA president said an upcoming trip to Pyongyang by his top envoy had been cancelled due to lack of progress on the issue.

A new list of tariffs would be drawn up on the remaining $257 billion of goods not yet facing tariffs and after a 60-day public comment period, they would go into effect around the Chinese lunar new year holidays in early February.

The U.S. this year has already imposed tariffs on $250 billion in trade with China.

China saw its currency reach its lowest point in a decade on Tuesday while the threat of new tariffs remains. Most of those imports are now being charged a 10 percent tariff, which is set to increase to 25 percent at the end of the year. Besides, Washington accuses Beijing of using unfair trade practices, and forcing USA firms to export technology to China, stealing intellectual property.

Wall Street took another hit Monday as investors unloaded tech stocks amid fresh worries about tariffs. The issue is often put in terms of the "loss of face" by the Chinese leadership if it backs down-a position advanced by historian Niall Ferguson in an interview on the business channel CNBC yesterday as he pointed to the intractable character of the US-China trade conflict. The Dow Jones Industrial Average ended down 1 percent, while the Nasdaq fell 1.6 percent, also on weakness in technology and internet shares.

Nintendo announces final two characters of 'Super Smash Bros. Ultimate'
At least five fighters will be added to the game , with each one available together with a new stage and new music for £5.39. Ultimate , the company announced that both Ken from Street Fighter and Incineroar from Pokemon will be joining the roster.

Apple is Announcing New Stuff Tomorrow
The USB-C port would allow for faster charging and output of up to 4K when the iPad is connected to another monitor. The new Mac Mini will likely receive updates to its processor, storage, ports, and maybe even the housing.

Ian Blackford says Theresa May is leading United Kingdom to Brexit catastrophe
She will attempt to put a positive spin on progress, saying 95% of the UK's divorce deal from the European Union is complete. But almost every MP's disapproval of the quotes was followed by condemnation of May's handling of the negotiations.

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

Other members of the so-called FAANG group also sold off. Apple shed 1.9 percent while Facebook gave up 2.3 percent.

The Dow is down 276.30 points, or 1.1 percent. On Monday, Trump repeated his assertion that China was not "not ready" to strike a deal to bring an end to the costly dispute. Italy's FTSE MIB index rose 1.9% after Standard & Poor's did not downgrade its credit rating. Brent crude, used to price global oils, lost $1.14 to $76.20 per barrel. The euro rose to $1.1377 from $1.1372. The MSCI All-Country World Index has dropped more than 8 percent in October, poised to post the worst monthly performance since May 2012.

The S&P 500, the main benchmark for the US stock market, has fallen 9.9 percent from its latest record high on September 20.

The price of US crude oil fell 0.8% to $67.04 a barrel in NY.

Recommended:



Popular

Trump Plans To Use An Executive Order To Suspend The 14th Amendment
The president's comments to Axios on HBO come amid a renewed push for hardline immigration policies before the midterm elections. Even if the Supreme Court chose to hear arguments, Kanter says court will likely rule the executive order as unconstitutional.

Ndidi rescues Leicester as Liverpool return to top of Premier League table
Pellegrini declined to be drawn on the dismissal of Noble adding: "I haven't seen it". He played well and gave his best, so it is hard to see this injury at the end.

Roger Federer rules out major career milestone after winning Swiss Indoors
This was Federer's 18th consecutive winning match at a tournament where he is unbeaten since 2013 and is an eight time victor . Copil began the match with a break in the third game but lost it in the sixth as Federer levelled the opening set.

Pakistan acquits Christian woman Bibi in iconic blasphemy case
Bibi's supporters maintain her innocence and insist it was a personal dispute, and the Vatican has called for her release. The court directed that Aasia Bibi be immediately released from jail if she is not wanted in any other cases.

Pittsburgh Rabbi: Massacre an 'Attack on America'
The attack, his son vowed, "will not define our congregation and will not define our city". Rabinowitz was a trusted physician with a "genuine sense of humor", Ms.

Merkel’s CDU makes huge losses in Hesse election
However, the SPD's historic losses could mean yet more pain for the chancellor's already troubled government coalition in Berlin . Her CDU party and SPD coalition won the election but haemorrhaged support leaving the partnership teetering on a knife-edge.

Celtic's Europa League hopes hit by RB Leipzig defeat
Unfortunately Boyata, who I thought was outstanding tonight, won't be available at the weekend. These games will be very important.

Improved China, Japan ties could benefit regional peace: MOFA
His key policy speech came the day before he makes the first trip to Beijing by a Japanese leader in seven years. China and Japan, the second and third largest economies in the world, are bitter rivals.

Virat Kohli becomes FASTEST to score 10,000 ODI runs
It is worth mentioning that Kohli and MS Dhoni are the only players in the list still playing global cricket. Kohli became the fifth Indian and 10th Asian player to reach the landmark.

F1 star Daniel Ricciardo PUNCHES wall after shocking US Grand Prix exit
Ricciardo, 29, retired while running fourth in the race when his auto shut down just eight laps into the event. Members of the Red Bull team are making "jokes" about Daniel Ricciardo .