Bloomberg report

Tariff 'wave' the stock market gains away.

The US is preparing to announce by early December tariffs on all remaining Chinese imports if talks between Trump and Xi fail, according to three people cited by Bloomberg.

A new list of tariffs would be drawn up on the remaining $257 billion of goods not yet facing tariffs and after a 60-day public comment period, they would go into effect around the Chinese lunar new year holidays in early February.

"US officials are preparing for such a scenario in case a planned Trump-Xi meeting yields no progress" in Buenos Aires at the G20 in late November.

Two possibilities here:

1) This was leaked to put pressure on China to offer something but they don't really intend to follow through.

2) They intend to follow through.

This was the nail in the coffin for today's equity bounce. The S&P 500 is now flat.

Full story at Bloomberg.