Trump Predicts a "Great Deal" With China as Bilateral Trade Row Persists

Donald Trump Xi Jinping

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 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.

Imagine if China made a decision to dispose of them on the bond market.

He said he has 267 billion dollars of new tariffs waiting to go if he can not make a deal with China. During a daily briefing, Lu Kang, a spokesman for China's Ministry of Foreign Affairs, told reporters the US should adopt a serious attitude and hold talks with China on the basis of equality and good faith instead of making other kinds of noises if it's honest about resolving trade frictions.

Wall Street took another hit Monday as investors unloaded tech stocks amid fresh worries about tariffs.

The Nasdaq 100 lost 2 percent and the Dow Jones Industrial Average sank 1 percent. The S&P 500 Index fell as much as 2.1 percent before paring the drop and ending the day down 0.7 percent.

Ricciardo grabs pole at Mexican Grand Prix
Horner said that if Verstappen's auto needed an engine change, the driver still had one left in his pool and should not face any grid drop.

The move indicates the Trump administration remains willing to escalate its trade war with China even as companies complain about the rising costs of tariffs and financial markets continue to be nervous about the global economic fallout. The issue is often put in terms of the "loss of face" by the Chinese leadership if it backs down-a position advanced by historian Niall Ferguson in an interview on the business channel CNBC yesterday as he pointed to the intractable character of the US-China trade conflict. Its stock traded above $2,000 a share in early September and has fallen 24.5 percent since then.The S&P 500, the main benchmark for the USA stock market, has fallen 9.9 percent from its latest record high on Sept. 20. Boeing led declines in the Dow, with a plunge of nearly 6.6 percent.

NAB's Mark Todd said he doesn't see China or USA backing down. The euro fell to $1.1354 from $1.1372.

The Stoxx Europe 600 Index surged 1.3 percent to the highest in a week. Stocks climbed earlier this month after Bolsonaro led the previous round of voting, as investors preferred him to leftist parties.

US crude fell 1.28 percent to $66.18 per barrel and Brent was last at $76.07, down 1.64 percent.

Benchmark 10-year notes last fell 4/32 in price to yield 3.1 percent, from 3.087 percent late on Monday. Copper was little changed at $2.74 a pound.The dollar rose to 112.35 yen from 111.85 yen.

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