Trump has stated that the tariffs on Chinese goods will revive American manufacturing and prevent China from flooding the global market with cheap exports. In trade aspect, the next round of United States tariffs against China will take effect on December 15 while China has demanded a roll-back on $375 billion worth of its exports along with the cancellation of additional $156 billion of the remaining exports to the US.
US and Chinese language negotiators are scheduled to begin a 13th round of talks Thursday geared toward ending a 15-month trade struggle that's worrying worldwide buyers and weighing on the world economic system.
World markets had closed last week in an upbeat mood as forecast-beating U.S.jobs data reassured investors about the USA economy and sent MSCI's index of global stocks 0.8% higher .MIWD00000PUS but those gains stalled as worries about a Chinese economic slowdown returned. After Trump signed the Hong Kong rights bill, China retaliated by suspending the USA warship visits and sanctioned a number of American NGOs. The official gave no details of talks on a "Phase 1" deal announced by President Donald Trump in October.
"Markets are telling us that there are hopes for something positive to come up before the deadline", said Peter Cardillo, chief market economist at Spartan Capital Securities in NY.
The pan-European STOXX 600 index .STOXX lost 0.24%.
Europe's energy sector was the biggest loser of the day, falling nearly 1% as shares in Tullow Oil slumped 60% to 19-year lows TLW.L due to issues at its main producing assets in Ghana and the resignation of its chief executive.
'Bomb cyclone,’ powerful coast-to-coast storm system threatens Thanksgiving travel
Airport staff handed out blankets, baby formula and diapers, and restaurants stayed open longer than usual, she said. The second storm brought snow to the mountains and wind and rain along the coasts of California and OR on Tuesday.
Revenue from import taxes jumped to $7.2 billion that month, the most in history and a $1 billion rise from the same time a year earlier.
China's exports in November shrank for the fourth consecutive month, underscoring persistent pressures on manufacturers from the Sino-U.S. trade war but growth in imports may be a sign that Beijing's stimulus steps are helping to stoke demand.
In the currency market, the dollar maintained a firm tone on Monday, with the dollar index against a basket of major currencies standing at 97.691 and the euro changing hands at $1.1058 both little changed on the day. The world's largest economy added 266,000 jobs in November, according to data released by the Labor Department.
"At this point, holiday merchandise is already in the country, so the direct impact of new tariffs won't be seen until the season is over", Jonathan Gold, National Retail Federation vice president for supply chain and customs policy, said in a statement.
Elsewhere, sterling traded at $1.3143, not far from a seven-month high of $1.3166 set on Thursday.
OPEC and allies officially agreed on Friday to cut production by an additional 500,000 barrels per day beginning next month.