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

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

"Unless extended, they will end 90 days from the date of our wonderful and very warm dinner with President Xi in Argentina", Mr Trump said on Twitter.

The deal means the U.S.is unlikely to match China's 40-percent duties on light vehicles built in the USA, a move the American government has considered in recent weeks. "The problem is that something turned out to be nothing". His remarks renewed fears that the Fed may miscalculate and raise rates so high or so fast as to depress growth.

Among the conflicting assertions that White House officials made was over whether China had actually agreed to drop its 40 percent tariffs on U.S. autos. Should China remove the tariffs now, US soybean would likely still be uncompetitive in the global market as harvest season approaches for the crop in South America.

He revisited the issue later on Tuesday, within minutes of the commerce ministry's statement, writing on Twitter: "We are either going to have a REAL DEAL with China, or no deal at all - at which point we will be charging major Tariffs against Chinese product being shipped into the United States". Wang Yi failed to mention industrial policy or Trump's demand that Beijing make progress toward changing it or face renewed increases.

He also signaled optimism that President Xi Jinping would deliver on his promise, after their meeting in Argentina. The statement did not say whether Trump raised tariffs with executives from BMW, Daimler and Volkswagen.

"The reason why you are not seeing more, why the market has probably come off the highs, is after the dust settles, people realize there are still a lot of question marks and it's only 90 days for them to negotiate", he said. Ultimately, I believe, we will be making a deal - either now or into the future.

The Motor & Equipment Manufacturers Association, which opposed the tariffs, said the truce would reduce the risk of an ongoing trade dispute with China.

Global markets cheered the weekend accord on Monday, only to reverse course Tuesday as doubts emerged over exactly what the world's two largest economies had agreed on.

The White House called the meeting "highly successful", saying the US will leave existing tariffs on $200 billion of Chinese goods at 10 percent and refrain from raising that rate to 25 percent as planned on January 1.

U.S. Treasury Secretary Steven Mnuchin is hopeful President Donald Trump's G20 meeting with China president Xi Jinping will ultimately result in a concrete trade deal.

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White House trade adviser Peter Navarro on the trade truce between the US and China. For America, the next 90 days is about assessing testing how much further China is prepared to compromise.

The Hong Kong newspaper South China Morning Post, citing unidentified sources, said Beijing was preparing to send a 30-member negotiating team to Washington.

China also announced an array of punishments that could restrict companies' access to borrowing and state-funding support over intellectual-property theft.

President Donald Trump cast his Saturday meeting with President Xi Jinping of China as a huge win for the United States, insisting that USA farmers and automakers would reap immediate benefits from a trade truce that has yet to produce any concrete commitments and created more questions than answers about what China is truly prepared to offer.

"We anticipate that things are still likely to get worse before they get better", Craig said, warning the trade tensions will fuel more market volatility.

"Small rays of light" such as Saturday's agreement between the two leaders "create tactical opportunities for investors", said Kerry Craig, global market strategist at JPMorgan Asset Management.

Beijing is less informative than Washington, which "might sometimes be too transparent", with officials issuing conflicting statements, said Louis Kuijs of Oxford Economics.

"We expect those tariffs to fall to zero", he told reporters.

Trump, however, has threatened to slap tariffs on auto imports from Europe and other countries, citing USA trade deficits with those nations.

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