China Trade War Not Ending Soon

Stocks slide again on report the U.S. plans more tariffs on Chinese goods

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.

"The (tariff) list would apply to the imports from the Asian nation 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", Bloomberg wrote.

The United States has already imposed tariffs on $250 billion worth of Chinese goods, and China has responded with retaliatory duties on $110 billion worth of US goods.

On Monday, the United States president said in an interview with American news outlet Fox News that: "I think we will make a great deal with China, and it has to be great because they've drained our country".

"I think we will make a great deal with China, and it has to be great, because they've drained our country", Trump said in an interview with Fox News host Laura Ingraham. Still, multiple factors make such a drop unlikely, including prospects the USA might not go so far and China's various options to sustain growth.

Hong Kong's Hang Seng Index fell 0.9 percent Tuesday, while the Shanghai Composite Index rose 1 percent. Alphabet, Google's parent company, lost 4.5 percent to $1,034.73. The Russell 2000 index of smaller-company stocks gave up 6.51 points, or 0.4 percent, to 1,447.31. China's overnight repo rate surged the most in more than four years as authorities take steps to combat bets against the yuan, which held near the weakest level in a decade against the greenback.




The kiwi has been battered by the US-China trade tensions as China is New Zealand's largest trading partner. The cause of the conflict was the desire of Donald trump to reduce the US negative trade balance with China.

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. The euro fell to $1.1354 from $1.1372. He said 70 percent of voters opposed the $13 billion project.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 yield on 10-year Treasuries added one basis point to 3.08 percent. Brent crude, used to price global oils, lost 19 cents to $77.18 per barrel.

USA crude fell 1.28 percent to $66.18 per barrel and Brent was last at $76.07, down 1.64 percent.

Gold fell 0.1 percent to $1,231.51 an ounce, the biggest fall in a week. Copper was little changed at $2.74 a pound.The dollar rose to 112.35 yen from 111.85 yen.

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