US Could Tariff iPhones and Laptops Imported from China

US Could Tariff iPhones and Laptops Imported from China

US Could Tariff iPhones and Laptops Imported from China

Oil prices steadied, while the USA dollar, which has benefited from safe-haven flows this year as the trade conflict worsened, rose against peers.

Just days before a planned summit with Chinese President Xi Jinping, Trump also vowed to put tariffs on all remaining imports from China if the two sides failed to reach a deal, according to The Wall Street Journal.

Ahead of the G20 meeting in Argentina, which begins on Friday, the USA president used a newspaper interview to warn China that he expects to move ahead on the imposition of higher import tariffs on Chinese goods. US light crude was up 33 cents at $51.96.

The trade sensitive S&P 500 Industrials and Materials indexes were losing 0.85% and 1.05%, respectively. BMW shares were down 1.4 percent.

Trade-related worries lifted the greenback.

The dollar index, which measures the dollar's value against six other major currencies, rose 0.2pc to 97.28, its highest level in nearly two weeks.

Trump said that the next round of Chinese tariffs will be on consumer electronics coming in from the country.

Economic advisor Larry Kudlow told a White House press conference that "the president said there is a good possibility that we can make a deal and he is open to it".

Nearly 500 flights canceled due to winter storm
The Blizzard Warning in Marion, Lucas, and Warren Counties and Winter Weather Advisory in Jasper County have been cancelled. A total of 121 flights were canceled at Chicago Midway International Airport, with similar delays as of mid-day Sunday.

Investors would be looking for clues on the path of future interest rate hikes with Federal Reserve Vice Chairman Richard Clarida addressing an event in NY on Tuesday and Fed Chairman Jerome Powell set to speak on Wednesday.

Sterling slumped against the dollar and the euro as doubts grew about whether British Prime Minister Theresa May can get a Brexit agreement through a divided Parliament.

Cui Tiankai, China's ambassador to the US, participates in the U.S.

Apple's stock price closed official trading up 1.4% amid a rebound in beaten-down tech stocks.

In commodity markets, oil prices dipped, weighed down by uncertainty over the U.S.

China's Ambassador to the United States Cui Tiankai has warned that President Donald Trump's trade war could lead to fragmentation of the global economy, as well as a possible financial fallout similar to-or worse than-the 2008 crisis.

Brent crude futures rose US$1.68 to US$60.48 a barrel, while U.S. crude gained US$1.16 to US$51.58 a barrel.

The financials sector slipped 0.3 per cent. Shares of Bank of Nova Scotia sat down slightly after reporting quarterly earnings below market estimates.

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