ibusinesslines.com November 17, 2018

Trump Predicts a "Great Deal" With China as Bilateral Trade Row Persists

01 November 2018, 08:16 | Kelvin Horton

US plans more China tariffs if Trump-Xi meeting fails

Stocks dip again on worries about tech, tariffs

Trump also said he believed "a great deal" on trade can be agreed with China, but warned about new tariffs if the deal is not struck.

Already, about $250 billion of Chinese goods imported to the US are subject to tariffs.

According to the report, no decisions had been made but preparations for a new list of US tariffs were being made in case the Trump-Xi meeting does not yield progress in resolving the US-China disputes.

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

The gains were broad in the US, with all 11 sectors of the benchmark S&P index up for the day.

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

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.

Stocks have plunged since early October and trading has been especially volatile the last few days.

Among industrials, Boeing sank 6.6 percent to $335.59.

Canada's main stock index reversed course to trade higher on Tuesday, led by gains in industrial stocks. Alphabet, Google's parent company, sank 4.5% to $1,034.73.

Firm U.S. economic data and a strongly worded statement from a China Politburo meeting chaired by President Xi Jinping signaling increased urgency for more measures to combat the slowing economy helped buoy sentiment toward risk assets. Its stock traded above $2,000 a share in early September and has fallen 24.5 percent since then.

The Dow is down 276.30 points, or 1.1 percent.

"When our relations are at a low ebb, it is always our people who will firmly support the bonds and friendship, and turn the tide of the China-US relations", he said at an event held in Washington by the China General Chamber of Commerce-USA, a non-profit organisation that represents Chinese businesses in the US.

The kiwi traded at 65.46 United States cents from 65.27 U.S. cents at 8am and 65.32 cents yesterday. "I have $267 billion waiting to go if we can't make a deal", he added.

Unfortunately, unilateral demands that sabotage the likelihood of an agreement will translate into further escalations of the trade war, and that will translate into higher prices for everything Americans import from China.

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