Did Trump Just Scuttle US-China Trade Talks (Again)?

Did Trump Just Scuttle US-China Trade Talks (Again)?”

President Trump said Thursday he is slapping a 10 percent tariff on $300 billion in Chinese imports as of September 1, saying President Xi Jinping failed to fulfill key promises. The move immediately sent stock prices sinking.

USA employment numbers to be released Friday will likely move markets barring any new action on the trade front, said Chopra.

It was the first round of negotiations since talks fell apart in May, after U.S. President Donald Trump accused Beijing of reneging on its commitments and broke the previously declared "truce" by upping tariffs on Chinese goods.

The Dow Jones Industrial Average, which had been up almost 300 points earlier in the day, was down almost 200 points after Trump's tweets announcing the new tariffs.

In early trading, Tokyo's main index tumbled 2.2% and Hong Kong's benchmark lost 2%. Trump said the new duties will be in addition to the tariffs of as much as 25% on $250 billion a year of Chinese imports. Trump and top members of his Cabinet have said that the tariffs are accelerating a move of manufacturing out of China as companies seek to relocate in countries that are not subject to US import tariffs. "But now investors and companies will have to revise their scenarios".

After resuming face-to-face talks in Shanghai this week, trade negotiators were set to reconvene in Washington in early September for another round of discussions, just after the new tariffs are put in place.

The United States and China have been locked in a trade war marked by tit-for-tat tariffs since previous year. The new tariffs, coming just a day after a meeting between the two sides, would definitely violate China's bottom line of having the U.S. The S&P 500 Index fell 0.9%.

The yen strengthened to as high as 106.855 to the dollar in early Asian trade, after rising 1.3% overnight, its biggest daily gain in more than two years. The pair last stood at 107.10.

When current RBNZ governor Adrian Orr took up his position in March past year, the policy targets agreement included both an inflation target - Orr is to aim for the mid-point of 1-3 per cent inflation - and an employment target - he is to aim for maximum sustainable employment.

Health care was the worst-performing sector on the day, falling 3.08 per cent as shares of several cannabis producers fell, including Cronos Group Inc. which was off by 7.6 per cent and Aurora Cannabis Inc. dropped by 5.6 per cent.

When they come in to effect, the new tariffs could result in the increased cost of importing goods from China - where most game consoles are manufactured - being passed on to the consumer via higher prices.

The British pound edged toward a 30-month low versus the dollar due to persistent worries about a no-deal Brexit and a cut in the Bank of England's economic forecasts.

The euro recovered to $1.1099, from a two-year low of $1.1027 hit in USA trade. Ten-year Treasury yields dropped to the lowest level in three years.

Trump had been pressing Xi to crack down on a flood of fentanyl and fentanyl-related substances from China, which USA officials say is the main source of a drug blamed for most of more than 28,000 synthetic opioid-related overdose deaths in the United States in 2017.

Although Fed Chairman Jerome Powell said the rate cut was a "mid-cycle adjustment" and not a start to a full-blown rate-cutting cycle, markets aren't fully convinced.

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