Donald Trump expects 'great deal' with China over trade

US said to plan next China tariff wave if Trump-Xi talks fail - report

So far the USA has so far placed $250 billion in taxes on imported Chinese goods, about half of all imports from China, and the taxes on most of those goods are set to rise on January 1.

The Stoxx Europe 600 Index surged 1.3 percent to the highest in a week.

Among industrials, Boeing sank 6.6 percent to $335.59. Wall Street was poised for an optimistic open. The Dow Jones Industrial Average ended down 1 percent, while the Nasdaq fell 1.6 percent, also on weakness in technology and internet shares.

EUROPEAN GROWTH: The eurozone economy expanded by only 0.2 percent in the July-September period - half the previous quarter's rate and below expectations for another reading of 0.4 percent. "I hope the U.S. side will also show sincerity and negotiate with China in a constructive manner", he added.

For its part, the U.S. is determined that China's economic development cannot be allowed to reach a point where it can challenge American dominance-a position that Washington will seek to maintain by all means, including intensified trade war and ultimately military conflict. Facebook stock was also down 2 percent, Amazon fell 6 percent, Netflix dropped 5 percent and Google's parent company Alphabet fell 4.5 percent.

The Dow was up more than 350 points earlier in the day before swinging more than 900 points and closing 9 percent below its all time high. Hong Kong's Hang Seng bucked the trend, slipping 0.4 percent to 24,707.78. The reports - all based on a Bloomberg article - say that the U.S. will place tariffs on the remaining $257 billion of Chinese imports not already subject to tariffs if there are no new developments in the ongoing trade spat.

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Swisher asked her, mistakenly naming Booker as the one who said this, rather than Eric Holder , former President Obama's attorney general.

Mr Trump and Mr Xi could meet if, as expected, they both attend next month's G20 summit in Buenos Aires. The sources stressed however that the new tariffs have not yet been finalised. Separately, the Commerce Department imposed restrictions on technology exports to Fujian Jinhua Integrated Circuit Co., a state-supported Chinese semiconductor maker. It increased to 4.5603 Chinese yuan from 4.5411 yuan yesterday.

The euro wallowed near a 10-week low of 1.1352 as the dollar climbed to a 2 1/2-month peak against a basket of the world's top six currencies. The dollar added to a 16-month high and Treasuries slipped as USA stocks climbed.

China has retaliated with its own tariffs against USA goods, but continues to maintain that there can be no winners in a trade war.

ENERGY: Benchmark U.S. crude shed 71 cents to $66.33 per barrel in electronic trading on the New York Mercantile Exchange.

The price of US crude oil dropped 0.8 percent to $67.04 per barrel in NY while Brent crude, used to price worldwide oils, lost 0.4 percent to $77.34 per barrel in London. Brent crude, used to price worldwide oils, fell 0.4% to $77.34 a barrel in London. U.S. West Texas Intermediate (WTI) crude futures fell 94 cents to $66.10 a barrel, a 1.4-per-cent decline.

The dollar rose to 112.35 yen from 111.85 yen. Italy's FTSE MIB index rose 1.9 percent after Standard & Poor's did not downgrade the company's credit rating.

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