USA plans more China tariffs if Trump-Xi meeting fails

Donald Trump Xi Jinping

Report Trump Planning to Hit Remaining $267 Billion of Chinese Imports with Tariffs if Xi Talks Fail The Associated Press 29 Oct 2018

Bloomberg News reported that the Trump administration will put tariffs on the rest of the country's imports from China if Presidents Donald Trump and Xi Jinping don't make substantial progress in easing the trade dispute next month.

Mr. Trump said during an interview with Fox News he thought there could be an agreement with China on trade, but said he had billions of dollars worth of new tariffs ready to be imposed if a deal was not possible.

Trump has already imposed tariffs on $250bn worth of Chinese goods, and China responded with retaliatory duties on $110bn worth of U.S. goods.

USA officials are preparing for such a scenario in case a planned Trump-Xi meeting yields no progress on the sidelines of a Group of 20 summit in Buenos Aires in November, according to two of the people, who declined to be identified to discuss internal deliberations. The Russell 2000 index of smaller-company stocks fell 6.51 points, or 0.4%, to 1,477.31. Technology giants rose and the S&P 500 Index posted its biggest two-day surge since February after Facebook's earnings topped expectations.

The S&P 500 Index twice erased gains that topped 1 percent before finally securing a rebound in the final hour of trading.

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Canada's main stock index reversed course to trade higher on Tuesday, led by gains in industrial stocks. Microsoft shed 2.9 percent to $103.85. 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.

The kiwi traded at 65.46 USA cents from 65.27 U.S. cents at 8am and 65.32 cents yesterday. Besides, Washington accuses Beijing of using unfair trade practices, and forcing US firms to export technology to China, stealing intellectual property. "I hope the United States side will also show sincerity and negotiate with China in a constructive manner", he added. "I have $267 billion waiting to go if we can't make a deal", he added.

The list would apply to the imports from China that aren't already covered by previous rounds of tariffs-which may be $257 billion using last year's import figures, according to two of the people.

Broad gains in the USA equity market turned global stocks higher on Tuesday after President Donald Trump said a "great deal" could be struck with China that would relieve fears of a growing trade war between the world's two largest economies.

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