USA plans more China tariffs if Trump-Xi meeting fails

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China on Saturday denounced Donald Trump's accusation that Beijing is stalling efforts to disarm North Korea as "irresponsible", after the U.S. president said an upcoming trip to Pyongyang by his top envoy had been cancelled due to lack of progress on the issue.

"It looks as if rivalry and confrontation became the prevailing aspect of our path ahead", said Cui, speaking during a trade war in which both countries have slapped punitive tariffs on hundreds of billions of dollars worth of imports.

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.

He said he has 267 billion dollars of new tariffs waiting to go if he can not make a deal with China. The U.S. -China trade war has hurt sales, and that slowdown is one of the factors that have damaged auto company stocks this year.

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After falling as low $1028.77, Shares of Alphabet were down about 3 percent to $1,071.01 after hours from their close at $1103.59. The company's burgeoning advertising business continued to show strength, with sales more than doubling in the quarter.

The report sent a market that was rising after promising tech news back down, causing the Dow and S&P 500 to give up their gains for the year.

The Nasdaq composite, which is heavily weighted with technology stocks, lost 116.92 points, or 1.6 percent, to 7,050.29.

The kiwi traded at 65.46 U.S. cents from 65.27 USA cents at 8am and 65.32 cents yesterday. Ten percent tariffs on $200 billion in imports that took effect in September are due to increase to 25% on 1 January.

"The trade war remains an overhang on the markets, and the news today signals further escalation rather than de-escalation", she added. The MSCI All-Country World Index has dropped more than 8 percent in October, poised to post the worst monthly performance since May 2012.

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Risk appetite got a lift after Trump's commented that he may be more ready than China to do a deal. The euro fell to $1.1354 from $1.1372.

The response on Wall Street was to send the Dow plunging after it had opened by more than 300 points up.

The pan-European STOXX 600 index rose 0.01 percent.

The price of USA crude oil fell 0.8% to $67.04 a barrel in NY.

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The yield on the 10-year Treasury note rose to 3.08 percent from 3.07 percent.The price of USA crude oil dropped 0.8 percent to $67.04 per barrel in NY while Brent crude, used to price global oils, lost 0.4 percent to $77.34 per barrel in London.Wholesale gasoline added 0.5 percent to $1.82 a gallon and heating oil slid 0.8 percent to $2.28 a gallon. Brent crude, used to price worldwide oils, lost $1.14 to $76.20 per barrel. Copper was little changed at $2.74 a pound.The dollar rose to 112.35 yen from 111.85 yen.

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