United States plans more China tariffs if Trump-Xi meeting fails

Nov 02, 2018, 01:30
United States plans more China tariffs if Trump-Xi meeting fails

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.

Trump has long threatened to impose tariffs on all remaining Chinese imports into the United States, which exceed Dollars 257 billion, if Beijing fails to meet USA demands for sweeping changes to Chinese trade, technology transfer and industrial subsidy policies.

Further, a recent survey reported by Reuters shows that 85 percent of USA businesses surveyed say they have suffered from the trade war's tariffs, and almost half of the companies reported increases in non-tariff barriers, as well.

According to a Bloomberg report citing anonymous sources, no decisions have been made, but a new list of United States tariffs was being prepared in case the Trump-Xi meeting does not yield progress. The euro fell to $1.1390 from $1.1412.Tokyo's Nikkei 225 sank 0.2 percent and Seoul's Kospi lost 1.5 percent.

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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.

In other words, the US is insisting that China must not pursue the path of economic development that has been taken by other capitalist economies, including the US, Japan and South Korea, in the past.

The response on Wall Street was to send the Dow plunging after it had opened by more than 300 points up. Futures for the Dow were up 0.4 percent and the broader S&P 500 futures added 0.5 percent.

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

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The pan-European STOXX 600 index rose 0.01 percent. Its stock traded above $2,000 a share in early September and has fallen 24.5 percent since then, its worst decline in two and a half years.

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

Brent crude futures fell $1.34 to $76.00 a barrel, a 1.7-per-cent drop. Brent crude, used to price global oils, fell 0.4% to $77.34 a barrel in London.

The Russell 2000 is down 58.20 points, or 3.8 percent. Copper was little changed at $2.74 a pound.The dollar rose to 112.35 yen from 111.85 yen.

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