January 16, 2019

US plans more China tariffs if Donald Trump-Xi Jinping meeting fails

01 November 2018, 08:15 | Austin Hogan

A trader works on the floor of the New York Stock Exchange in New York U.S. on Monday Oct. 29

A trader works on the floor of the New York Stock Exchange in New York U.S. on Monday Oct. 29

The US is preparing to announce by early December tariffs on all remaining Chinese imports if talks between Trump and Xi fail, according to three people cited by Bloomberg.

U.S. President Donald Trump said he thinks there will be "a great deal" with China on trade, but warned that he has billions of dollars worth of new tariffs ready to go if a deal isn't possible.

The study notes, "despite the fact that more than 70% of us companies consider the suspension of investment in China and moving some or all production overseas, only half of Chinese companies support this approach", reports UKRINFORM.

The Russell 2000 index of smaller-company stocks slipped 6.51 points, or 0.4 percent, to 1,447.31.

The Dow was up more than 350 points earlier in the day before swinging more than 900 points and closing 9 percent below its all time high.

The Dow Jones Industrial Average rose 192.43 points, or 0.79 per cent, to 24,635.35, the S&P 500 gained 13.94 points, or 0.53 per cent, to 2,655.19 and the Nasdaq Composite added 37.58 points, or 0.53 per cent, to 7,087.87.

A senior Chinese diplomatic source said on Tuesday that the two presidents had "agreed to meet" on the sidelines of the G20 in Buenos Aires, but would not offer details on the agenda of those discussions.

Futures signaled gains for equities in Hong Kong and China, while Japanese stocks were seen opening slightly lower.

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The pan-European STOXX 600 index rose 0.01 percent.

The Nasdaq is up 146.90 points, or 2.1 percent. Netflix and Google parent Alphabet were down 5 percent and 4.8 percent, respectively. The online retailer tumbled Friday after it reported weak sales and gave a lower-than-expected revenue estimate for the quarter that includes the holiday shopping season.

US stocks ended a tumultuous day sharply higher, with all major averages rising at least 1.4 percent as volatility continues to grip equity markets during earnings season. The Nasdaq has plunged 13 percent from its record high reached August 29.

"We talked about a prospective trade war".

The kiwi has been battered by the US-China trade tensions as China is New Zealand's largest trading partner. But she said the group, representing U.S. companies doing business in China, was urging both sides to better use the time before the Trump-Xi meeting to figure out how progress can be made on substantive issues.

The effects of higher tariffs could be especially severe for technology companies, which make many of their products in China, and for industrial companies, which are already paying higher prices for metals.

Stocks in Asia were poised for a muted start Thursday after global equities rallied on the final two days of what was still their worst month in more than six years.

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