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

Nov 02, 2018, 01:32
Trump Predicts a

Bloomberg News reported that the Trump administration will put tariffs on the rest of the United States' imports from China if the two nations' presidents don't make substantial progress in easing the trade dispute next month.

CHINESE TRADE DEAL: In an interview with Fox News on Monday, President Trump said he thinks there will be "a great deal with China", while adding that tariffs on $267 billion more in Chinese goods were "waiting to go" if a deal was not reached.

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The U.S. this year has already imposed tariffs on $250 billion in trade with China. But Germany's DAX fell 0.2 percent to 11,316 and the CAC 40 in France sank 0.2 percent to 4,980 after weak eurozone growth figures.

US-China Business Council senior vice president Erin Ennis said that it would not be a surprise to see Trump move towards announcing more tariffs, given his repeated threats to do so. Experts say it was hurt by one-off factors like new emissions standards for cars, so growth is likely to pick up again. The tech-heavy Nasdaq composite slid 116.92 points, or 1.6%, to 7,050.29. 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. Its stock traded above $2,000 a share in early September and has fallen 24.5 percent since then.The S&P 500, the main benchmark for the USA stock market, has fallen 9.9 percent from its latest record high on Sept. 20.

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Chinese Foreign Ministry spokesman Lu Kang said China and the United States have all along been in communication about exchanges at all levels, including a possible Xi-Trump meeting in Argentina, though he gave no details.

The US dollar pushed higher against the offshore Chinese Yuan and neared the 7.00 level for the first time in almost two years. The effects could be especially severe for technology companies, which make many of their products in China, and for industrials. 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 euro fell to $1.1354 from $1.1372. Miners and energy companies led the way as nearly every sector on the Stoxx Europe 600 Index climbed. Brent crude, used to price global oils, fell 0.4% to $77.34 a barrel in London. The dollar strengthened on better-than-expected private payrolls data, lifting the 10-year Treasury yield to 3.14 percent.

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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. Copper was little changed at $2.74 a pound.The dollar rose to 112.35 yen from 111.85 yen.

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