Selling intensified after Bloomberg reported the U.S.is preparing to announce by early December tariffs on all remaining Chinese imports if talks next month between presidents Donald Trump and Xi Jinping fail to ease the trade war.
The two leaders are set to meet on the sidelines of the G20 summit meeting in Buenos Aires, Argentina, at the end of next month, with the United States demanding that China present a list of actions it is prepared to carry out to meet its demands.
This was the nail in the coffin for today's equity bounce.
The report sent a market that was rising after promising tech news back down, causing the Dow and S&P 500 to give up their gains for the year.
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If the discussions fail, the Trump administration will apply a new round of tariffs targeting the rest of the US' imports from China, worth roughly US$257bn, sources familiar with the matter told Bloomberg. It fell as much as 566 during the day.The Nasdaq composite, which is heavily weighted with technology stocks, lost 116.92 points, or 1.6 percent, to 7,050.29.
Since March, the Trump administration has introduced several waves of tariffs worth tens of billions of dollars against Chinese goods in an effort to rebuild the U.S. industrial base.
"I can make a deal right now, I just say they are not ready", Trump said in the interview.
The response on Wall Street was to send the Dow plunging after it had opened by more than 300 points up.
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Fehr said the fundamental backdrop for the market, including improved corporate earnings, the economy and interest rates, remain positive. But there are risks in the background, from the American midterm elections to trade talks with China.
As the president and his administration have increased rhetoric against China in recent weeks, including accusations of election interference and state-led forced technology transfer targeted at USA businesses, Cui has assumed an unusually public role in defending his government's policies and launching his own direct critiques of the US' approach to the relationship.
China's currency has been losing points, hitting its lowest level against the U.S. dollar in a decade. Trump has also threatened to impose tariffs on the remaining goods imports from China, which previous year were worth $505 billion. Besides, Washington accuses Beijing of using unfair trade practices, and forcing USA firms to export technology to China, stealing intellectual property. The MSCI All-Country World Index has dropped more than 8 percent in October, poised to post the worst monthly performance since May 2012.
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