Trump threatens to impose new tariffs on China

Stocks slide again on report the U.S. plans more tariffs on Chinese goods

People pass the New York Stock Exchange

After starting the day up as much as 352 points, the Dow Jones industrial average dipped as low as 566 points into negative territory on a Bloomberg report that said President Trump was preparing to tariff all remaining Chinese imports if next month's talks with President Xi Jinping don't go well.

The Trump administration has already slapped tariffs on 250 billion dollars' worth of Chinese imports.

Trump also threatened on numerous occasions to put punitive tariffs on the entirety of Chinese imports to the U.S. if Beijing enacted retaliatory measures in response to Washington's latest round of duties on US$200 billion of Chinese goods.

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A person familiar with the U.S. 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. China's overnight repo rate surged the most in more than four years as authorities take steps to combat bets against the yuan, which held near the weakest level in a decade against the greenback. The U.S. -China trade war has hurt sales, and that slowdown is one of the factors that have damaged vehicle company stocks this year. Bulls remain on the back foot, with early gains Monday fueled by speculation stocks had gotten cheap during the sell-off wiped out in afternoon trading.

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

The response on Wall Street was to send the Dow plunging after it had opened by more than 300 points up. "We're in a trade dispute-I want to use that word because it's a nice, soft word-but we're going to win", Trump said at an event in Indiana Saturday. Natural gas was unchanged at $3.19 per 1,000 cubic feet.Gold lost 0.7 percent to $1,227.60 an ounce. The S&P 500 index has dropped 9.4 percent in October and is on track for its worst monthly loss since February 2009.

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The price of USA crude oil fell 0.8% to $67.04 a barrel in NY. The euro fell to $1.1354 from $1.1372. The Clinton administration made public a negotiating offer by the then Chinese Premier Zhu Rongji, which led to him being pilloried at home for offering too many concessions.

The S&P 500, the main benchmark for the USA stock market, has fallen 9.9 percent from its latest record high on September 20. Brent crude, used to price global oils, lost 19 cents to $77.18 per barrel. Copper was little changed at $2.74 a pound.The dollar rose to 112.35 yen from 111.85 yen.

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