Trump threatens to impose new tariffs on China

01 November, 2018, 23:38 | Author: Sally Reid
  • Stocks dip again on worries about tech tariffs

World markets are mixed after U.S. President Donald Trump said he might impose more tariffs on Chinese goods, though he said he was ready to strike a "great deal" with Beijing over trade.

"It looks as if rivalry and confrontation became the prevailing aspect of our path ahead", said Cui, speaking during a trade war in which both countries have slapped punitive tariffs on hundreds of billions of dollars worth of imports.

"This is more aggressive than the markets were likely expecting, given that many felt the next step would be an escalation of tariffs to 25 percent, up from 10 percent, on the $250 billion already announced", Mona Mahajan, US investment strategist at Allianz Global Investors, told The Post.

A person familiar with the USA administration's tariff deliberations told Reuters news agency there could soon be movement towards a new round of tariffs, adding that "the wheels are turning" in that direction.

Although most tech firms fell Monday, open-source software company Red Hat soared 45.4% to $169.63 - reversing its losses from earlier this year - after IBM agreed to buy it for $34 billion in stock. China hiked tariffs on $110 billion in imports from the U.S.

Tariff "wave" the stock market gains away.

The Nasdaq composite sank 116.92 points, or 1.6 percent, to 7,050.29.

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The Dow Jones Industrial Average slumped 245.39 points, or 1 percent, to 24,442.92.

While the proposed new tariffs have yet to be confirmed, the Bloomberg report is in line with a Wall Street Journal report last week that the U.S. was refusing to "resume trade negotiations with China until Beijing comes up with a concrete proposal to address Washington's complaints about forced technology transfers and other issues". Ten percent tariffs on $200 billion in imports that took effect in September are due to increase to 25 percent on January 1. 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 US stock market, has fallen 9.9 percent from its latest record high on Sept. 20.

In an interview with the Wall Street Journal last week, China's ambassador to the US Cui Tiankai said Beijing wanted more discussions before it would make a specific offer. Miners and energy companies led the way as nearly every sector on the Stoxx Europe 600 Index climbed. Stocks climbed earlier this month after Bolsonaro led the previous round of voting, as investors preferred him to leftist parties.Bond prices dipped. "A trade war with China was one of the bigger overhangs". The euro rose to $1.1377 from $1.1372.

Benchmark 10-year U.S. Treasury notes last fell 7/32 in price to yield 3.1132 percent, from 3.087 percent late on Monday.

The price of US crude oil fell 0.8% to $67.04 a barrel in NY.

US crude fell 1.06 percent to $66.33 per barrel and Brent was last at $76.30, down 1.34 percent.

CURRENCIES: The dollar strengthened to 112.95 yen from 112.37 yen late Monday.

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