Trump Predicts a "Great Deal" With China as Bilateral Trade Row Persists

Donald Trump Xi Jinping

The reports - all based on a Bloomberg article - say that the USA will place tariffs on the remaining $257 billion of Chinese imports not already subject to tariffs if there are no new developments in the ongoing trade spat.

The United States has already imposed tariffs on $250 billion worth of Chinese goods, and China has responded with retaliatory duties on $110 billion worth of USA goods. According to Bloomberg News, the additional tariffs will be announced in December if no breakthrough results from the meeting. The euro fell to $1.1390 from $1.1412.Tokyo's Nikkei 225 sank 0.2 percent and Seoul's Kospi lost 1.5 percent.

"And I have Dollars 267 billion waiting to go if we can't make a deal", Trump said.

"I think it's a reflection of the lack of conviction that we have in the market right now", Fehr said in an interview.

ASIA'S DAY: Japan's Nikkei 225 index jumped 1.5 percent to 21,457.29 after official data showed that the unemployment rate eased to 2.3 percent in September, from 2.4 percent a month earlier.

MSCI's gauge of stocks across the globe gained 1 percent. Facebook stock was also down 2 percent, Amazon fell 6 percent, Netflix dropped 5 percent and Google's parent company Alphabet fell 4.5 percent.

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With the initial market reaction, Wall Street came under a heavy selling pressure and Nasdaq was last seen down 1.26% on the day while the DJIA and the S&P 500 indexes were losing 0.25% 0.05%, respectively. The effects could be especially severe for technology companies, which make many of their products in China, and for industrials. The Nasdaq has plunged 13 percent from its record high reached August 29.For most of this year investors have remained hopeful that the USA and China would work out their disagreements on trade policy and that numerous tariffs would be reduced or eliminated.

Stocks in Asia were poised for a muted start Thursday after global equities rallied on the final two days of what was still their worst month in more than six years.

USA equity futures advanced on Wednesday and European stocks jumped, tracking a rebound across Asia as the worst month for global equities in six years draws to a close. Italy's FTSE MIB index rose 1.9% after Standard & Poor's did not downgrade its credit rating. Stocks climbed earlier this month after Bolsonaro led the previous round of voting, as investors preferred him to leftist parties. Brent crude, used to price worldwide oils, lost 19 cents to $77.18 per barrel.

The Russell 2000 is down 58.20 points, or 3.8 percent.

Gold fell 0.1 percent to $1,231.51 an ounce, the biggest fall in a week.

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