Trump Heaps More Tariffs on China, Still No Deal in Sight

The Trump administration slapped tariffs on roughly $110 billion in Chinese imports on Sunday, marking the latest escalation in a trade war that’s inflicting damage across the world economy. China retaliated. From a report: The 15% U.S. duty hit consumer goods ranging from footwear and apparel to home textiles and certain technology products like the Apple Watch. A separate batch of about $160 billion in Chinese goods — including laptops and cellphones — will be hit with 15% tariffs on Dec. 15. President Donald Trump delayed part of the levies to blunt the impact on holiday shopping. Investors sought the safety of the yen, which edged higher against the dollar as currency markets opened for trading. The offshore yuan pared some losses to trade at 7.1682 per dollar Monday at 10:38 a.m. in Beijing after the PBOC set the fixing rate stronger than all estimates. Asian stocks fell with U.S. equity futures after the tariffs kicked in, even though the measures had been widely anticipated. S&P 500 futures opened 1% lower before paring losses, and Treasury contracts advanced.