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01 November 2018, 08:16 | Joann Bryant
A trader works on the floor of the New York Stock Exchange in New York U.S. on Monday Oct. 29
Bloomberg reported on Monday that the USA is preparing tariffs on all remaining Chinese imports if the talks fail.
With the initial market reaction, Wall Street came under a heavy selling pressure and Nasdaq was last seen down 1.26% on the day while the DJIA and the S&P 500 indexes were losing 0.25% 0.05%, respectively.
ANALYST'S TAKE: With new restrictions on a Chinese semiconductor maker, the "U.S. has escalated its trade war with China in an unexpected way", Chang Wei Liang of Mizuho Bank said in a commentary. The tech-heavy Nasdaq composite slid 116.92 points, or 1.6%, to 7,050.29.
The effects of higher tariffs could be especially severe for technology companies, which make many of their products in China, and for industrial companies, which are already paying higher prices for metals.
Both Trump and Xi are expected to attend next month's G20 summit in Buenos Aires, where they could meet. The dollar would be devalued as never before - which would help the United States trade position and exports, but would also prompt a surge in American inflation and a squeeze on living standards.
The MSCI Emerging Market Index declined 0.2 percent, reaching the lowest in nearly 20 months on its sixth straight decline. "We are seriously concerned about this", Chinese foreign ministry spokesperson Lu Kang said in a statement posted on the ministry's website. Italy's FTSE MIB index rose 1.9% after Standard & Poor's did not downgrade its credit rating. Auto parts retailer BorgWarner advanced 4% to $39.56.
Brazil's Bovespa rose in morning trading after far-right politician Jair Bolsonaro was elected president, but it later ended down 2.2%.
The Stoxx Europe 600 Index failed to sustain momentum from Asia - it opened higher after good earnings for BP and Volkswagen, but corporate results were mixed overall before ending little changed. Silver fell 1.8 percent to $14.44 an ounce.
CURRENCIES: The dollar strengthened to 112.95 yen from 112.37 yen late Monday.
Tokyo's Nikkei 225 sank 0.2 percent and Seoul's Kospi lost 1.5 percent.
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