United States stocks fall as Trump speaks of more China tariffs

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"We have a supremely important relationship", Faurie told Xinhua in a recent interview, describing the bilateral ties "as an extremely rich relationship that reflects the potential today's China has on the worldwide stage".

On the flip side, Lam believe Xi will hold firm on some of the changes the Trump administration desires, including requests that China "level the playing field" by ending subsidies and preferential treatment for state-owned enterprises and forced transfers of technology, changes that would make China a real market economy.

President Donald Trump and China's Xi Jinping will meet over dinner Saturday evening in Buenos Aires marking a pivotal moment in the escalating trade war between the world's two largest economies.

Remember that the president's saber rattling against China has included a threat to impose tariffs on all US$500 billion worth of goods the USA imports from China, and "all" would seem to include cellphones and computers, which are the top two categories of USA imports from China based on value of goods.

US President Donald Trump has said he is likely to go ahead with raising tariffs on $200 billion in Chinese imports to 25 per cent from the current 10 per cent and threatened to slap tariffs on all remaining imports from the country if talks with Beijing over trade did not go well.

The administration this summer removed hundreds of items from the list of imported goods subject to tariffs after lobbying from US companies.

Kudlow told reporters on Tuesday that the dinner with Xi was one of the last events on Trump's itinerary before his return to Washington.

The president has already imposed 10 percent tariffs on $200 billion of Chinese goods this September, and they're set to rise to 25 percent on January 1.

Modi will also use the meet to raise concerns of India and other nations on the volatility of global oil prices and the way bodies such as the Organization of the Petroleum Exporting Countries have increasingly cartelised oil supplies, a senior government official said.

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"I think we are at a crossroads", Xi said.

The United States now has a 2.5 percent tariff on imported cars and sport utility vehicles from markets outside North America and South Korea. "If we don't make a deal, then I'm going to put the$267 billion additional (tariffs) on".

Washington has kicked off the process of putting tariffs and investment restrictions on Chinese companies, while taking the Middle Kingdom to the World Trade Organization for dispute settlement.

With a president as mercurial as Trump, nothing is impossible.

The US president is one of the strongest supporters of the Saudi Crown Prince who, he says, is doing a lot of good for the US economy by letting the price of black gold fall. "I can make it 10%, and people could stand that very easily", he said in an interview earlier this week.

If no deal is signed, Trump says he's OK with the status quo. In addition, he said other countries share the USA concerns over China's trade practices.

If that negotiation has averted one trade war, the International Monetary Fund said Trump's threatened auto tariffs on Europe and Japan could lop three-fourths of a per cent of the global economy.

The agreement, reportedly worth US$8 billion, would be for the construction of the Atucha III nuclear power plant that would be financed with Chinese money.

Mr Morrison said in a statement he would seek a "constructive way forward" on global trade.