Copper, nickel, zinc prices sink on China vehicle sales, trade war

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It's the latest move in America's trade war with China - and it's likely to affect the price you pay for a variety of items, ranging from computers to toilet paper.The full list of these goods, which can be found here, is 194 pages long and contains more than 6k individual items.

But later US President Donald Trump said he expected to meet China's president at the G20 summit in Japan.

Also, Trump said he had a feeling talks with China will be "very successful" and that he meant to meet his Chinese counterpart Xi Jinping at next month's G20 summit.

Now, with China hitting back against Trump's latest escalation of the trade war by imposing more tariffs on American farm goods, the White House is preparing to double down on those bailouts-effectively paying farmers to grow crops they won't be able to sell with money generated from higher taxes on those same farmers (and all other Americans).

The findings come as Trump and China have both escalated the trade dispute in recent days.

Trump also denied talks with China had broken down after Washington punctuated two days of negotiations last week with another round of tariffs on Chinese imports, with Beijing following suit on Monday with higher tariffs on US goods.

The expanded tariffs would cover essentially all remaining Chinese imports not already taxed when they enter the US, and follow the Trump administration's move on Friday to hike duties on $200 billion worth of Chinese imports from 10% to 25%.

The EU imposed import duties of 25% on a $2.8 billion range of imports from the United States in retaliation for U.S. tariffs on European steel and aluminum.

"The trade war is driving markets at the moment", said Rory McPherson, head of investment strategy at Psigma Investment Management in London. "If the USA places 25 percent tariffs on all Chinese imports and no substitution for those goods and services occurs, the additional cost would be $145 billion".

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The Dow Jones Industrial Average fell more than 475 when markets opened, and stretched that loss to 530 points by mid-morning.

The U.S. imported nearly $540 billion in goods from China in 2018, while exporting $120 billion.

Trump started raising tariffs last July over complaints China steals or pressures foreign companies to hand over technology and unfairly subsidizes businesses Beijing is trying to build into global leaders in robotics and other fields.

But US Treasury Secretary Steven Mnuchin told reporters on Monday he believed China would continue to buy US debt.

As the trade dispute extends, investors expect tariffs to increase corporate costs, lower profit margins and hinder the ability of companies to plan or make capital expenditures.

Mr Trump said a process had begun to place the full 25% tariff on a further $325bn of Chinese goods, causing concern over the impact the ongoing tit-for-tat trade spat between the world's two largest economies might have on global growth. "China's countermeasures have shown our determination to safeguard the multilateral trade system".

Trump has railed against the Chinese since the middle of his 2016 presidential campaign, complaining about unfair trade practices that put Beijing at an advantage.

And the president has publicly complained about government subsidies that lower Chinese companies' operating costs, along with a sustained effort to devalue the Yuan, tactics that make Chinese products progressively cheaper to buy. "China should not retaliate-will only get worse!"

Trump denies that US consumers will pay the price for higher tariffs on Chinese imports, claiming that China will shoulder the bill, but his own economic advisor, Larry Kudlow, admitted that "both sides will suffer" in the escalating trade war. That would raise the cost of an iPhone XS from $1,000 to $1,142, potentially slowing sales if consumers decide to hold off on upgrading to a new phone due to the higher costs.