US Plans More China Tariffs If Trump-Xi Meeting Fails, Sources Say

Dwayne Harmon
November 1, 2018

China on Saturday denounced Donald Trump's accusation that Beijing is stalling efforts to disarm North Korea as "irresponsible", after the United States president said an upcoming trip to Pyongyang by his top envoy had been cancelled due to lack of progress on the issue.

The Trump administration has imposed tariffs on $250 billion worth of Chinese imports since July, while Beijing has retaliated with new levies on $110 billion of USA goods.

The U.S. this year has already imposed tariffs on $250 billion in trade with China.

A person familiar with the USA administration's tariff deliberations told Reuters news agency there could soon be movement towards a new round of tariffs, adding that "the wheels are turning" in that direction. Trump has also threatened to impose tariffs on the remaining goods imports from China, which previous year were worth $505 billion. China hiked tariffs on $110 billion in imports from the U.S.

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

Oil prices fell more than 1 percent in choppy trading on signs of rising supply and concern that global economic growth and demand for fuel would be hit by a deepening of the U.S. The S&P 500 is now flat. The reason the yuan is being dumped now is that investors are concerned about a trade war between America and China.

The Stoxx Europe 600 Index surged 1.3 percent to the highest in a week. Trade-sensitive industrial shares rose almost 1.2 per cent in mid-morning trading.

Benchmark 10-year U.S. Treasury notes last fell 7/32 in price to yield 3.1132 percent, from 3.087 percent late on Monday.

USA crude fell 1.06 percent to $66.33 per barrel and Brent was last at $76.30, down 1.34 percent. U.S. West Texas Intermediate (WTI) crude futures fell 94 cents to $66.10 a barrel, a 1.4-per-cent decline.

The dollar rose to 112.35 yen from 111.85 yen.

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