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

Donald Trump Xi Jinping

Bloomberg reported early Monday morning that the U.S.is preparing to announce tariffs on all remaining Chinese imports by early December, which could possibly amount to $257 billion in new levies based on last year's import figures, if Trump and Xi fail to reach an agreement.

Stocks sank again Monday on fears that the Trump administration will escalate its trade dispute with China by imposing tariffs on all remaining goods the United States imports from that nation.

On September 24, Trump's fresh tariffs on $200 billion worth of Chinese goods and services entered force, with Washington warning that it could slap similar tariffs on another $267 billion of Chinese goods and services in the future.

Bloomberg reported on Monday that the USA is preparing tariffs on all remaining Chinese imports if the talks fail.

For most of this year, investors have remained hopeful that the United States and China would work out their disagreements on trade policy and that numerous tariffs would be reduced or eliminated. "We are seriously concerned about this", Chinese foreign ministry spokesperson Lu Kang said in a statement posted on the ministry's website. Facebook stock was also down 2 percent, Amazon fell 6 percent, Netflix dropped 5 percent and Google's parent company Alphabet fell 4.5 percent. The S&P 500 index was off 17.44 points to 2,641.25, while the Nasdaq composite lost 116.92 points to 7,050.29.

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The lack of obvious trauma appeared to rule out a theory they may have jumped into the river from the George Washington Bridge. The sisters' bodies were taped together and facing each other, but had no obvious signs of trauma, police said.

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Saudi officials shifted their story last week after evidence from Turkey revealed that the killing was in fact premeditated. He has also repeatedly called for the suspects to be extradited for trial in Turkey, but Riyadh has rejected the request.

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President Xi Jingping said China could become a "space flight superpower" with a manned space station in orbit by 2022. While Zhuque didn't put the microsatellite into orbit, the Chinese start-up said the launch wasn't a total failure.

Over the past year, said Cui, "we have heard enough of trade war threats, assertions about strategic rivalry, sabre rattling in the South China Sea, and even unfounded accusations against Chinese students and scholars". If the Trump administration expands the tariffs to include the rest of those imports, the higher taxes would hit consumer goods such as clothing, shoes, and Apple products (which were originally supposed to be included in the most recent round of tariffs before being exempted at the last moment).

Germany's DAX rose 1.2 percent as Volkswagen, Daimler and BMW made big gains.

The Stoxx Europe 600 Index surged 1.3 percent to the highest in a week. Stocks climbed earlier this month after Bolsonaro led the previous round of voting, as investors preferred him to leftist parties. The yen edged lower after the Bank of Japan left its monetary stimulus unchanged and kept its 10-year bond yield target at about zero percent.

US crude fell 1.06 percent to $66.33 per barrel and Brent was last at $76.30, down 1.34 percent. The contract dropped 55 cents to settle at $67.04 a barrel in NY. Silver fell 1.8% to $14.44 an ounce.

CURRENCIES: The dollar strengthened to 112.95 yen from 112.37 yen late Monday.

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