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

Trump Predicts a

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

Bloomberg, citing "three people familiar with the matter", reported that the administration was planning to announce tariffs covering all remaining Chinese imports if talks between Trump and Xi failed to "ease the trade war". Each side has now imposed charges on half of the other side's annual exports and Washington has threatened to slap tariffs on all Chinese sales to the U.S.

According to a Bloomberg report citing anonymous sources, no decisions have been made, but a new list of U.S. tariffs was being prepared in case the Trump-Xi meeting does not yield progress.

Among industrials, Boeing sank 6.6 percent to $335.59.

Trump told Fox News on Monday that he wants to make a deal with China, but officials in Beijing say they are not ready.

China's currency has been losing points, hitting its lowest level against the USA dollar in a decade. The tech-heavy Nasdaq composite slid 116.92 points, or 1.6%, to 7,050.29.

Oil prices fell more than 1 percent in choppy trading on signs of rising supply and concern global economic growth and fuel demand would be hit by a deepening of the U.S. The Russell 2000 index of smaller-company stocks dropped 0.4 percent to 1,447.31. The S&P 500 index swung by almost 4 percent from its high to the low in the trading session, with tech stocks and Boeing particularly hard hit.

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. -China trade war have been stoked by a report that the United States is preparing. Previous rounds of United States tariffs have taken at least two months to impose once a list of products was announced, allowing for public comments to be aired.

While most technology companies fell, open-source software company Red Hat jumped after IBM agreed to buy it for $34 billion in stock. After Cooper Tire & Rubber reported a bigger third-quarter profit than analysts expected, its stock surged 21.4% to $30.89.

The euro was flat at $1.1392.

Brazil's Bovespa rose in morning trading after far-right politician Jair Bolsonaro was elected president, but it later turned lower and lost 2.2 percent. The yen edged lower after the Bank of Japan left its monetary stimulus unchanged and kept its 10-year bond yield target at about zero percent.

The December crude contract was down 55 cents at US$67.04 per barrel and the December natural gas contract was down 2.7 cents at US$3.20 per mmBTU.

The dollar rose to 112.35 yen from 111.85 yen.

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