Economy

Dow Jones falls 245 due to new China tariff fears

Dow Jones falls 245 due to new China tariff fears”

An early-December announcement of a new product list would mean the effective date - after a 60-day public comment period - may coincide with China's Lunar New Year holiday in early February.

"US officials are preparing for such a scenario in case a planned Trump-Xi meeting yields no progress" in Buenos Aires at the G20 in late November. They cautioned that final decisions had not been made.

"And I have Dollars 267 billion waiting to go if we can't make a deal", Trump said.

US Treasury Secretary Steven Mnuchin told Reuters earlier this month in Bali, Indonesia that China needed to agree to specific "action items" to rebalance the US-Chin economic relationship, open markets and change technology transfer, subsidy and currency policies.

The Dow Jones Industrial Average rose 431.72 points, or 1.77 percent, to 24,874.64, the S&P 500 gained 41.38 points, or 1.57 percent, to 2,682.63 and the Nasdaq Composite added 111.36 points, or 1.58 percent, to 7,161.65.

The potential for more tariffs could further rattle a stock market that is already wobbling.

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.

He said: "I think that we will make a great deal with China and it has to be great, because they've drained our country". Still, multiple factors make such a drop unlikely, including prospects the US might not go so far and China's various options to sustain growth.

Trump said in the interview he would like to make a deal now, but that China was not ready.

Over the past year, said Cui, "we have heard enough of trade war threats, assertions about strategic rivalry, sabre rattling in the South China Sea, and even unfounded accusations against Chinese students and scholars".

The US levied tariffs of 10 percent on Dollars 200 billion of Chinese products in September, with the rate set to increase to 25 percent by the end of the year barring a breakthrough in the trade talks. The reports - all based on a Bloomberg article - say that the USA will place tariffs on the remaining $257 billion of Chinese imports not already subject to tariffs if there are no new developments in the ongoing trade spat.

"We are in the middle of a pretty nasty dispute".

As another option, the White House is also considering excluding trade from the meeting agenda but it is unlikely to cancel it altogether, according to two people familiar with the matter. "You know why? 'Cause we always win".



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