China Trade War Rhetoric Weighing Further on the Chinese Yuan (CNH)

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".

The US has already imposed tariffs on $250 billion worth of Chinese goods, and China has responded with retaliatory duties on $110 billion worth of goods going the other way.

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.

Bloomberg reported on Monday that the U.S. is preparing tariffs on all remaining Chinese imports if the talks fail. 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. Experts say it was hurt by one-off factors like new emissions standards for cars, so growth is likely to pick up again.

Hong Kong's Hang Seng Index fell 0.9 percent Tuesday, while the Shanghai Composite Index rose 1 percent.

Oil prices fell more than 1 percent in choppy trading on signs of rising supply and concern global economic growth and fuel demand would be hit by a deepening of the U.S. 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. The S&P 500 index swung by almost 4 percent from its high to the low in the trading session, with tech stocks and Boeing particularly hard hit.

More news: After long losing streak, U.S. stocks surge on solid earnings

The New Zealand dollar got a lift when markets were cheered after US President Donald Trump told Fox News that he predicts a "great deal" with China on trade. The reason the yuan is being dumped now is that investors are concerned about a trade war between America and China.

The US dollar pushed higher against the offshore Chinese Yuan and neared the 7.00 level for the first time in almost two years.

China has retaliated with its own tariffs against United States goods, but continues to maintain that there can be no winners in a trade war. Miners and energy companies led the way as nearly every sector on the Stoxx Europe 600 Index climbed.

Germany's DAX rose 1.2 percent as Volkswagen, Daimler and BMW made big gains. Stocks climbed earlier this month after Bolsonaro led the previous round of voting, as investors preferred him to leftist parties.

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. Silver fell 1.8 percent to $14.44 an ounce.

(Copyright © 2015. All Rights Reserved.)
 
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