USA preparing new round of tariffs if talks with China fail

USA preparing new round of tariffs if talks with China fail

USA preparing new round of tariffs if talks with China fail

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Trump has long threatened to impose tariffs on all remaining Chinese imports into the United States if Beijing fails to meet US demands for sweeping changes to Chinese trade, technology transfer and industrial subsidy policies.

The S&P 500 is down 32.36 points, or 1.2 percent.

The Dow Jones Industrial Average slumped 245.39 points, or 1 percent, to 24,442.92. That's the lowest level since July 8, 2016.

The S&P 500, the main benchmark for the USA stock market, has fallen 9.9% from its September 20 record high.

Media sources reported yesterday that US President Donald Trump is likely to place tariffs on all remaining Chinese imports as early as December if the latest round of trade talks fail. Some early gains for tech and internet stocks also faded. "Global investor sentiment remains shaky", said Yasuo Sakuma, chief investment officer at Libra Investments in Tokyo.

China's ambassador to the U.S. 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. Any reminders of that just leads to more pessimism. Microsoft shed 2.9 percent to $103.85. Boeing led declines in the Dow, with a plunge of nearly 6.6 percent. IBM fell 4.1% to $119.64.

"There's a not-so-faint scent of desperation", said Christopher Harvey, head of equity strategy at Wells Fargo.

Market participants also kept hopes in check regarding trade. Brazilian assets rose after Jair Bolsonaro swept to power. The euro fell to $1.1390 from $1.1412. Mexico's peso was under pressure after the incoming president canceled airport construction. The pound rose on hopes for progress in Brexit negotiations between the United Kingdom and European Union.

Earnings season includes: Macquarie, Apple, Alibaba, Credit Suisse, Exxon Mobil, and Shell.

Monetary policy decisions are due in Japan and the United Kingdom.

Referring to the 500 billion dollars which Trump claimed China annually got from the U.S., he pledged that Washington will win an economic confrontation with Beijing.

The Nasdaq composite sank 116.92 points, or 1.6 percent, to 7,050.29.

Brazil's Ibovespa Index rose 2.1 percent.

MSCI's gauge of stocks across the globe gained 0.31 per cent.

Ford climbed 3.3 percent to $9.28 and auto parts retailer BorgWarner advanced 4 percent to $39.56.

Bond prices slipped. The yield on the 10-year Treasury note rose to 3.08% from 3.07%. After Cooper Tire & Rubber reported a bigger third-quarter profit than analysts expected, its stock surged 21.4% to $30.89.

Gold lost 0.7 percent to $1,227.60 an ounce.

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