Tariff Deadline Nears as China Cancels Trade Talks With U.S.

The U.S. and China are hours away from a new round of tariffs on each other’s goods, with no improvement in relations between the two rivals in sight.

In a significant escalation, $ 200 billion of Chinese products will be subject to tariffs from 12 p.m. Beijing time on Monday, on top of the $ 50 billion in goods already slapped with tariffs actions in the year.

The combined $ 250 billion in products facing levies is almost half the value of imports from China last year. Meanwhile, $ 110 billion of goods from the U.S. will become subject to Chinese tariffs around the same time, or about 70 percent of the value of goods it bought from America in 2017.

China on Saturday called off planned trade talks with U.S. officials. The U.S. State Department’s sanctions against China’s defense agency and its director on Thursday contributed to the decision, according to people familiar with the situation. There’s a growing consensus in Beijing that substantive talks will only be possible with the Trump administration after U.S. mid-term elections in November, the people said.

Source: Bloomberg


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Asian shares wobble as China halts trade talks with U.S.

Asia shares eased in holiday-thinned trading on Monday and the safe haven yen gained as China canceled upcoming tariff talks with the United States, while oil prices jumped after top producers including Russia ruled out boosting crude output.

U.S. stock futures were a touch weaker while MSCI’s broadest index of Asia-Pacific shares outside Japan dipped 0.3 percent.

Most of the action was in currencies as financial markets in major Asian centers Japan, China and South Korea were closed for a holiday.

Investors were squarely focused on the Sino-U.S. trade war as China added $ 60 billion of U.S. products to its import tariff list, retaliating against U.S. duties on $ 200 billion of Chinese goods that come into effect on Monday.

Source: Reuters

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Hong Kong stocks fall at open

Hong Kong stocks fell in the first few minutes of trade Monday after China called off planned trade talks with the United States, fuelling fears of an escalation of their long-running tariff standoff.

The Hang Seng Index slipped 0.72 percent, or 200.87 points, to 27,752.71 in early trade.

Mainland Chinese markets are closed for a public holiday.

Source: AFP

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