Published: Thu, November 01, 2018
Money | By Arnold Ball

China trade war escalates

China trade war escalates

Further, a recent survey reported by Reuters shows that 85 percent of USA businesses surveyed say they have suffered from the trade war's tariffs, and almost half of the companies reported increases in non-tariff barriers, as well.

"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 potential for more tariffs could further rattle a stock market that is already wobbling.

China saw its currency reach its lowest point in a decade on Tuesday while the threat of new tariffs remains. China's overnight repo rate surged the most in more than four years as authorities take steps to combat bets against the yuan, which held near the weakest level in a decade against the greenback. Besides, Washington accuses Beijing of using unfair trade practices, and forcing US firms to export technology to China, stealing intellectual property.

Tariff "wave" the stock market gains away. The Shanghai Composite index rebounded 1.2 percent to 2,573.33 and South Korea's Kospi picked up 1.3 percent to 2,021.82. The Dow Jones Industrial Average slid more than 500 points at its worst, dipping into a correction before closing down 1 percent.

His remarks came a day after Chinese Assistant Foreign Minister Zhang Hanhui underscored that Beijing is not ready to minimize its trade with the USA despite the ongoing trade conflict between the two countries.

MSCI's gauge of stocks across the globe gained 1 percent.

Cruz Leads O'Rourke in Texas Race
Overall, it's looking less and less like that Democrats will gain a majority in the Senate, writes Jennifer E. According to the Federal Election Commission, O'Rourke has the money to burn.

Trump said in the interview he would like to make a deal now, but that China was not ready.

The reports - all based on a Bloomberg article - say that the U.S. 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.

Oil prices fell more than 1 percent in choppy trading on signs of rising supply and concern that global economic growth and demand for fuel would be hit by a deepening of the U.S.

Germany's DAX rose 1.2% 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 dipped.

The pan-European STOXX 600 index rose 0.01 percent. Brent crude, used to price worldwide oils, lost 19 cents to $77.18 per barrel.

The price of USA crude oil fell 0.8% to $67.04 a barrel in NY.

Like this: