The United States is preparing new tariffs against all remaining Chinese imports if trade talks between Presidents Donald Trump and Xi Jinping fail to reconcile the ongoing trade dispute, according to Bloomberg News.
An announcement of new taxes against goods from China could occur as early as December and target the rest of the imports from the Asian nation that are not already subject to tariffs. The total would amount to about $257 billion worth, according to the Bloomberg report.
The U.S. stock market fell immediately after the report, with shares of global aerospace and aircraft maker Boeing falling 6.5 percent by the closing bell, its worst day on Wall Street since February 2016. The Dow Jones Industrial Average fell more than 200 points following the trade news, erasing a 350-point gain earlier in the session; the S&P 500 fell 0.6 percent.