Published: Fri, November 02, 2018
Money | By Wilma Wheeler

Trump threatens to impose new tariffs on China

Trump threatens to impose new tariffs on China

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.

WALL STREET: A report the U.S.is preparing to impose tariffs on all imports from China weighed on sentiment.

Technology companies sank again after Bloomberg News reported that the U.S.is planning new tariffs if the two sides don't make progress in trade talks next month.

Among industrials, Boeing sank 6.6 percent to $335.59.

"I think we will make a great deal with China, and it has to be great because they've drained our country", Trump said.

Oil prices fell more than 1 per ent in choppy trading on Tuesday on signs of rising supply and concern that global economic growth and fuel demand would be hit by a deepening of the U.S. Boeing led declines in the Dow, with a plunge of nearly 6.6 percent.

At 12 p.m. ET, the Toronto Stock Exchange's S&P/TSX composite index was up 49.17 points, or 0.34 per cent, at 14,771.08. Technology giants rose and the S&P 500 Index posted its biggest two-day surge since February after Facebook's earnings topped expectations.

Trump has long threatened to impose tariffs on all remaining Chinese imports into the United States if Beijing fails to meet US demands for sweeping changes to Chinese trade, technology transfer and industrial subsidy policies.

American companies operating in China believe that they suffer more from trade disputes than companies from other countries, according to a survey by the American chamber of Commerce, which investigated 219 companies - third of the total manufacturing sector. During a daily briefing, Lu Kang, a spokesman for China's Ministry of Foreign Affairs, told reporters the US should adopt a serious attitude and hold talks with China on the basis of equality and good faith instead of making other kinds of noises if it's honest about resolving trade frictions. Natural gas was unchanged at $3.19 per 1,000 cubic feet.Gold lost 0.7 percent to $1,227.60 an ounce. Figures from the previous year, the most recent data available, showed 44 per cent of Chinese respondents held unfavourable views of the US. Both were up over 7 percent for the year at the start of October. The euro rose to $1.1377 from $1.1372.

Bond prices slipped. The yield on the 10-year Treasury note rose to 3.08% from 3.07%.

The price of US crude oil dropped 0.8 percent to $67.04 per barrel in NY while Brent crude, used to price worldwide oils, lost 0.4 percent to $77.34 per barrel in London.

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