US Stocks Slumped – Major indexes are flirting with corrections on news that the Trump administration is contemplating new tariffs against China. The Dow Jones fell 1% to 24,443 whilst the S&P 500 declined 0.7% to 2,641; Trump plans to put levies on all remaining Chinese imports if his talks with Xi Jinping next month fail; the value of all goods from China not currently subject to U.S. duties is about $257 billion; The U.S. Treasury said government borrowing this year will more than double from 2017 to $1.34 trillion as the administration finances a rising budget deficit. The department expects to issue $425 billion in net marketable debt from October through December, lower than the $440 billion estimated in July; China granted refiners another round of export quotas, supporting the view that crude demand will remain strong compared with last year. Refiners have 12.7 million tons of gasoline and 16 million tons of diesel exports this year.
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