Dow Jones falls 245 due to new China tariff fears

Dow Jones falls 245 due to new China tariff fears

Bloomberg, citing "three people familiar with the matter", reported that the administration was planning to announce tariffs covering all remaining Chinese imports if talks between Trump and Xi failed to "ease the trade war".

"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.

The U.S. this year has already imposed tariffs on $250 billion in trade with China.

News of the possible tariffs sent Boeing stock tumbling 6.6 percent, contributing to the Dow's overall losses. Trump has also threatened to impose tariffs on the remaining goods imports from China, which a year ago were worth $505 billion.

Meanwhile, Gao Feng, a spokesperson for China's Ministry of Commerce, said at a regular press briefing last Thursday that China had always been honest about trade talks with the US.

The Nasdaq composite, which is heavily weighted with technology stocks, lost 116.92 points, or 1.6 percent, to 7,050.29. The Dow Jones Industrial Average slid more than 500 points at its worst, dipping into a correction before closing down 1 percent.

The kiwi traded at 65.46 USA cents from 65.27 United States cents at 8am and 65.32 cents yesterday. IBM Chairman and CEO Ginni Rometty said the deal will make IBM the world's biggest hybrid cloud provider, meaning it will offer companies a mix of on-site, private and third-party public cloud services.

More news: Full text of Supreme Court’s judgement in Aasia Bibi case

Any further broadening of tariffs would show the Trump administration's determination to escalate its trade war with China even as companies complain about the rising costs of tariffs and financial markets continue to be nervous about the global economic fallout.

The S&P 500 index fell 17.44 points, or 0.7%, to 2,641.25 on Monday.

The pan-European STOXX 600 index rose 0.01 percent.

Marijuana producers pushed health care stocks higher by 1.4 per cent. Aphria Inc. rose 6.3 per cent, while Aurora Cannabis Inc. and Canopy Growth Corp. increased 2 per cent and 1.5 per cent, respectively.

ENERGY: Benchmark U.S. crude shed 71 cents to $66.33 per barrel in electronic trading on the New York Mercantile Exchange. Brent crude, used to price worldwide oils, fell 0.4% to $77.34 a barrel in London. Stocks climbed earlier this month after Bolsonaro led the previous round of voting, as investors preferred him to leftist parties.Bond prices dipped.

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

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