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Fear that the Trump administration will announce tariffs on all remaining imports from China helped knock US stocks from a strong early gain to another sharp loss Monday.

President Trump is due to meet Xi Jinping on the sidelines of the G20 summit in Buenos Aires in November.

This was the nail in the coffin for today's equity bounce.

The Standard & Poor's 500 index has dropped 9.4% in October and is on track for its biggest monthly loss since February 2009 - right before the market hit its lowest point during the 2008-09 financial crisis.

Full story at Bloomberg.

A person familiar with the United States administration's tariff deliberations told Reuters news agency there could soon be movement towards a new round of tariffs, adding that "the wheels are turning" in that direction.

Stocks erased gains partly on concern about an escalating trade war between the world's two largest economies.

Royals Harry and Meghan arrive in New Zealand for 4-day tour
The Duke and Duchess of Sussex will spend their final day in New Zealand surrounded by its stunning natural beauty. She said Harry responded: "What, waiting around at Government House in the cold?" and the couple both laughed.

Trump said during an interview with Fox News late on Monday that he thought there could be an agreement with China on trade.

The Nasdaq composite sank 116.92 points, or 1.6 percent, to 7,050.29. "I have $267 billion waiting to go if we can't make a deal", he added.

Trump said on Friday that "because of our much tougher trading stance with China, I do not believe they are helping with the process of denuclearisation as they once were", despite United Nations sanctions against the nuclear-armed regime.

Since March, the Trump administration has introduced several waves of tariffs worth tens of billions of dollars against Chinese goods in an effort to rebuild the USA industrial base. IBM fell 4.1 percent to $119.64.The prospect of reduced barriers to trade helped auto makers on Monday. Alphabet, Google's parent company, lost 4.5 percent to $1,034.73.Amazon.com dropped another 6.3 percent to $1,538.88.

Over the past year, said Cui, "we have heard enough of trade war threats, assertions about strategic rivalry, sabre rattling in the South China Sea, and even unfounded accusations against Chinese students and scholars".

For most of this year investors have remained hopeful that the USA and China would work out there disagreements on trade, but in recent weeks they've lost some of their confidence. The Clinton administration made public a negotiating offer by the then Chinese Premier Zhu Rongji, which led to him being pilloried at home for offering too many concessions.

Recall that the growth rate of China's economy in the third quarter of this year fell to the lowest since 2009, increased 6.5%. Most of those imports are now being charged a 10 percent tariff, which is set to increase to 25 percent at the end of the year.