[ad_1]
President Donald Trump, US National Security Advisor to President Donald Trump, John Bolton, US Treasury Secretary Steven Mnuchin, attend a working dinner with Chinese President Xi Jinping at the end of the summit G20 leaders in Buenos Aires, Argentina, December 1, 2018.
Kevin Lemarque | CNBC
President Donald Trump said trade talks with Beijing were still scheduled for September after the entry into force of a new round of customs duties on Sunday.
"We are talking to China and the September meetings have not changed," Trump told the press Sunday on the White House South Lawn, on his return from Camp David.
The tariffs came into effect early Sunday on Chinese imports of 112 billion dollars. The 15% tariff covers a wide range of consumer goods, ranging from certain types of clothing and footwear to certain consumer electronics products such as cameras and desktops.
Beijing has begun to impose retaliatory rights on some of the US assets listed on its $ 75 billion target list.
Another set of US tariffs on imports from China is expected to come into effect on December 15. The goods covered by this series include laptops and smartphones. In total, US tariffs on December 1 and December 15 will reach $ 300 billion of Chinese imports.
The new tariffs could cost the average US household $ 1,000 a year, according to J.P. Morgan's estimate. More than 160 industry groups wrote to the president expressing their opposition to the tariffs.
Trump criticized the companies that opposed his trade policy, calling them "poorly managed and weak", claiming that they used tariffs as an excuse for their mismanagement.
The month of August was unstable on Wall Street after Trump announced its plan to remove tariffs on Chinese imports. The S & P 500 recorded 11 moves of over 1% in 22 trading days in August. These movements include three declines of at least 2.6% as well as the worst day of the year of the index on August 5th.
Investors are also increasingly concerned about an economic downturn after the bond market issued a recessionary signal in August, known as the inversion of the yield curve. This is when the 10-year Treasury Note's yield falls below the 2-year rate when investors dispose of their shares and fall asleep in US long-term debt, considered a safehaven.
– Yun Li and Fred Imbert of CNBC contributed to this report
[ad_2]
Source link