Trump expects 'great deal' with China, but more tariffs if not

Stocks slide again on report the U.S. plans more tariffs on Chinese goods

After starting the day up as much as 352 points, the Dow Jones industrial average dipped as low as 566 points into negative territory on a Bloomberg report that said President Trump was preparing to tariff all remaining Chinese imports if next month's talks with President Xi Jinping don't go well.

Trump has long threatened to impose tariffs on all remaining Chinese imports into the United States, which exceed $257bn, if Beijing fails to meet United States demands for sweeping changes to Chinese trade, technology transfer, and industrial subsidy policies.

If the new duties are imposed, all imports from China would be subject to United States tariffs.

US-China Business Council senior vice president Erin Ennis said that it would not be a surprise to see Trump move towards announcing more tariffs, given his repeated threats to do so.

Speizer said markets will now be focused on Australia's third-quarter inflation data due tomorrow, followed by U.S. non-farm payrolls data at the end of the week.

Hong Kong's Hang Seng Index fell 0.9 percent Tuesday, while the Shanghai Composite Index rose 1 percent.

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New Zealand's two-year swap rate rose 1 basis point to 1.99 per cent; the 10-year swaps were unchanged at 2.78 per cent. Italy's new government plans to ramp up spending and European Union leaders have demanded it change its plans.The CAC 40 in France added 0.4 percent and the British FTSE 100 rose 1.3 percent.Mexico's stock index shed 4.2 percent after President-elect Andres Manuel Lopez Obrador said he will respect the result of a referendum that rejected a partly-built new airport for Mexico City.

The Dow is down 7.7 percent the S&P 500 has fallen 9.4 percent and the Nasdaq has lost 12 percent for October. Figures from the previous year, the most recent data available, showed 44 per cent of Chinese respondents held unfavourable views of the US.

If president Trump's response is to intensify his trade war with the China, he will set up a vicious downward cycle, and where that will end should worry people. Miners and energy companies led the way as nearly every sector on the Stoxx Europe 600 Index climbed.

The final list of goods would largely hit consumer products and capital goods, which the Trump administration has so far spared, and likely would push up prices for many U.S. businesses and consumers. The contract dropped 55 cents to settle at $67.04 a barrel in NY. Brent crude, used to price global oils, lost 19 cents to $77.18 per barrel.

Benchmark 10-year notes last fell 4/32 in price to yield 3.1 percent, from 3.087 percent late on Monday.

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