London share prices PLUMMET amid US-China trade war fears — FTSE latest

London share prices PLUMMET amid US-China trade war fears — FTSE latest

London share prices PLUMMET amid US-China trade war fears — FTSE latest

The plunge came hours before the Chinese Commerce Ministry said that it was confident it can reach a trade deal with the U.S as the countries continue to dispute tariffs placed on one another's goods.

President Donald Trump (R) and China's President Xi Jinping (L) along with members of their delegations, hold a dinner meeting at the end of the G20 Leaders' Summit in Buenos Aires, on December 01, 2018.

Trump has said China is supposed to start buying agricultural products immediately and cut its 40 percent tariffs on United States vehicle imports.

Sources told Reuters that Chinese oil trader Unipec plans to resume buying US crude by March after the Xi-Trump deal reduced the risk of tariffs on those imports. "But if not remember, I am a Tariff man".

Trump's tweets were preceded by another where he said he believed Xi "meant every word" in their agreement, which produced no written text on trade gestures, leading to a build-up and then selloff in financial markets.

Officials from the United States and a number of other major economies have often criticized China for its slow approach to negotiations and not following through on commitments.

Trump and Xi also agreed to immediately begin negotiations on structural changes with respect to forced technology transfer, intellectual property protection, non-tariff barriers, cyber intrusions and cyber theft, services and agriculture, according to the White House statement. "We are right now taking in $billions in tariffs".

Trade Representative Robert Lighthizer is now leading talks for the US, and has been widely praised by both Mnuchin and Kudlow over his role. The negotiations will take place over the next 90 days.

Trump, speaking to reporters on Air Force One after the plane departed Argentina, said his agreement with Xi, will go down "as one of the largest deals ever made".

The Chinese government, however, has not signaled its recognition of the framework or the 90-day deadline.

The meeting between XI and Trump at the G20 Summit was the culmination of a almost year-long trade war between the two nations.

U.S. President Donald Trump and China's leader Xi Jinping agreed on a temporary truce to halt their long-standing trade war at the G20 summit last weekend. At the time, Lighthizer's office said that such tariffs were the first step in ensuring "fair and sustainable trade".

The U.S. president a day earlier had said the ceasefire could be extended but warned tariffs would be back on the table if the talks failed and that he would only accept a "real deal" with China. A few months after being implemented, the tariffs led to a three-percent decrease in output for China's aluminum industry. ALL subjects discussed!' Trump wrote.

Failure would raise the specter of a major escalation in the trade battle, with fresh USA tariff action and Chinese retaliation possibly as early as March. In response, the Trump administration escalated by levying a 10-percent tariff on more than $200 billion of Chinese goods.

While both sides now appear eager to ease tensions, Trump pointed out on Tuesday that he is unwilling to blink in the face of China's silence.

Stocks in the U.S., Europe and Asia fell sharply after Trump declared himself "a Tariff Man" who wants "people or countries" with intentions to "raid the great wealth" of the U.S. "It will always be the best way to max out our economic power", Trump wrote on Twitter.

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