Trump expects 'great deal' with China, but more tariffs if not

Donald Trump Xi Jinping

US-China Business Council senior vice president Erin Ennis said that it would not be a surprise to see Trump move towards announcing more tariffs, given his repeated threats to do so.

The US plans to impose new tariffs on all remaining Chinese imports if talks between President Donald Trump and Xi Jinping fail at the G20 summit in late November, US news portal Bloomberg reported on Monday. Alphabet, Google's parent company, lost 4.5 percent to $1,034.73.Amazon.com dropped another 6.3 percent to $1,538.88. At one stage, the index was down by more than 550 points before ending the day 245 points lower.

The S&P 500 index fell 17.44 points, or 0.7%, to 2,641.25 on Monday.

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.

The Trump administration has already slapped tariffs on 250 billion dollars' worth of Chinese imports. "We're in a trade dispute - I want to use that word because it's a nice, soft word - but we're going to win", Trump said on Saturday at an event in Indiana.

That prospect now seems highly unlikely.

We have produced A Brief History of Trade Wars infographic to help with trade war timelines and effects. There have been no trade talks between the countries since August, when the USA imposed the latest round of tariffs. That took place in 1999 during negotiations for China's entry into the World Trade Organisation. However, Trump overturned the deal a few days later on the grounds that it was not sufficient. "People have to sit down together", he said. Since then, the two sides seem to have drifted farther apart.

Another White House spokeswoman said there was "nothing new at this time" regarding tariffs on Chinese goods.

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"The US statement is contrary to basic facts and is irresponsible".

Imagine if China made a decision to dispose of them on the bond market.

Oil prices fell more than 1 per ent in choppy trading on Tuesday on signs of rising supply and concern that global economic growth and fuel demand would be hit by a deepening of the U.S. So China probably has good reason to feel wary.

This is a demand that the Chinese regime can not meet.

But far more is involved.

The euro drifted down as inflation accelerated in October and underlying price pressures increased, handing policy makers a headache after growth data disappointed. It enjoys any legitimacy in the eyes of the working masses only to the extent that it continues the expansion of the economy.

The Canadian dollar traded at an average of 76.23 cents United States, its lowest level in almost seven weeks, and compared with an average of 76.29 cents U.S. on Friday.

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