'DIRE CONSEQUENCES' Trump poised for China trade war showdown at G20

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Oil prices remained weak, while the US dollar, which has benefited from safe-haven flows this year amid increased uncertainty over global trade, rose against its peers.

The Wall Street Journal said the administration has been anxious about a consumer reaction to such levies. "I mean, I can make it 10%, and people could stand that very easily".

China aims to persuade the United States not to impose the larger tariffs, but Trump said it was "highly unlikely" he would back down.

Oil prices steadied, while the USA dollar, which has benefited from safe-haven flows this year as the trade conflict worsened, rose against peers.

"We are seeing a greater degree of stability in sterling, but it went below recent ranges on Trump's comments", said Neil Mellor, currency strategist at Bank of New York Mellon in London.

"If there's no breakthrough, that makes it more likely that more tariffs will be imposed and that increases downside risks to trade".

Investors will now turn their attention to a speech on Wednesday by Fed Chairman Jerome Powell and minutes from the central bank's November 7-8 meeting to be released on Thursday, for further clues of how many more times the Fed is likely to raise interest rates.

Kudlow said Trump had told advisers that "in his view, there is a good possibility that a deal can be made, and that he is open to that". Could they not authorize new phones for sale in the country?

The Black Caviar Apple Watch Series 4 with black
The Black Caviar Apple Watch Series 4 with black

"China should change its practices and come into the community of responsible trading nations", Kudlow said, stressing that he considers the USA economy in far better shape than China's to weather a prolonged trade war.

"If we don't make a deal, then I'm going to put the $267 billion additional on", at a tariff rate of either 10 percent or 25 percent, Trump told the Journal. The two sides have been in negotiations for months, but Kudlow described them as being stalemated until just a few weeks ago.

"I am conservatively optimistic that can be done", he added.

Last week, Washington proposed stepping up scrutiny over technology exports in 14 key high-tech areas including artificial intelligence and microprocessor technology, a move many analysts believe was directly aimed at China.

'We can buy from Japan and South Korea or develop our own.

"I count on the United States", Poroshenko told NBC News.

Asked point-blank if he can count on Trump, Poroshenko answered diplomatically: "This is the worldwide obligation of the United States".