Trump threatens more tariffs if no China deal reached

Adjust Comment Print

The president has persistently sought to shift blame for slowing United States economic growth onto the Fed and away from his trade conflicts with China, which some businesses say has prompted them to delay investment decisions.

Complaints from United States business have become louder this year as the trade war has dragged on while farms and factories fall on hard times. According to the Chinese Commerce Ministry, the "phase one" trade deal is expected to include a resolution to dismiss the 15% duty to be implemented on December 15, affecting hundreds of millions of dollars worth of Chinese consumer goods, including footwear, apparel and accessories.

"I knew if we lifted ... burdens from our economy and unleashed people ... then the economy would come thundering back at record speed", he said, adding that the economy's performance has exceeded expectations "by a wide margin".

Trump also renewed his assault against the US Federal Reserve, saying it was hurting the US by not copying other central banks in deploying negative interest rates.

European stocks also traded up during the United States pre-market hours.

After Beijing retaliated with higher duties on US farm goods, Trump struck back with more tariffs - many already enacted, some still threatened - under which the vast majority of Chinese imports could be affected by the end of 2019.

US stocks slipped at open on Wednesday after President Donald Trump threatened to "substantially" raise tariffs if China did not strike a trade deal with the United States and on escalating tensions in Hong Kong. "You will see things, even in this room, you will be surprised to see". The Chinese government said last week negotiators had agreed, but Trump denied that. "We're the ones that are deciding whether or not we want to make a deal", Trump said, echoing remarks he made on Saturday.

The comments did little to jolt Wall Street, which closed with modest gains.

'We'll have someone there,' Flores says of Kaepernick workout
In 69 career games, Kaepernick has 12,271 passing yards, 72 passing touchdowns and 30 interceptions. The 32-year-old former San Francisco 49ers quarterback hasn't played since the 2016 season.

MSCI's gauge of stocks across the globe shed 0.27%, while the FTSEurofirst 300 index of leading European shares fell 0.22%.

People familiar with the discussions say that China has asked for these September 1 tariffs to be removed as part of the deal and the request is being considered.

The S&P 500 .SPX opened lower by 7.66 points, or 0.25%, at 3,084.18. The Dow ended up 0.04 per cent, while the S&P 500 lost 0.20 per cent and the Nasdaq 0.13 per cent.

CURRENCY: The dollar gained to 109.06 yen from Tuesday's 109.01 yen.

Oil prices reversed early losses after the Organization of the Petroleum Exporting Countries said it saw no signs of global recession and rival US shale oil production could grow by much less than expected in 2020.

The yield on benchmark 10-year US Treasury notes rose slightly to 1.9277% but is likely to move in a narrow range before key data due later Wednesday that is likely to show US consumer prices accelerated slightly in October.

Leland and Gillian weigh in on the state of the US economy. Brent crude, used to price global oils, shed 60 cents to $61.46 per barrel in London.