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

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

President Donald Trump has declared victory in his trade war with China, claiming that Beijing had made "a big leap forward", but his declaration has reportedly left Chinese officials "puzzled and irritated".

On Monday, Trump tweeted that China had agreed to remove tariffs on American autos, but White House aides struggled to explain specifics about the deal, according to the Associated Press.

"Officials now face the hard task of fleshing out a deal that is acceptable to the Chinese but also involves significant enough concessions not to be torpedoed by the China hawks in the Trump administration", Capital Economics said in a note this week, adding that higher tariffs could simply be delayed.

Chinese purchases for the aforementioned products have almost completely halted after Beijing imposed tariffs on them in response to the US tariffs on Chinese goods.

"The negotiations with China have already started".

The two sides will also negotiate "structural changes" to forced technology transfer, intellectual property protection, cyber intrusions and cyber theft, services and agriculture, according to the White House.

China pledged to buy more from the USA, and the White House said the two sides would negotiate "structural changes" to thorny issues plaguing relations, though few details and no dollar amounts were disclosed. "China is supposed to start buying Agricultural product and more immediately".

The United States has levied additional duties of between 10 percent and 25 percent on $250 billion of Chinese goods this year as punishment for what it calls China's unfair trade practices.

"It's impossible for China to cancel its industry policies or major industry and technology development plans", said economist Cui Fan of the University of International Business and Economics in Beijing.

Trump and Xi agreed on a trade war truce on the sidelines of a G20 summit in Argentina on Saturday, holding off on new tariffs and giving negotiators three months to reach an agreement. Should China remove the tariffs now, USA soybean would likely still be uncompetitive in the global market as harvest season approaches for the crop in South America. The two countries have now agreed to a 90-day truce to work out a broader trade deal.

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The Dow Jones Industrial Average.DJI fell more than 3 per cent, the S&P 500.SPX lost 3.2 per cent and the Nasdaq Composite.IXIC tumbled 3.8 per cent. For its part, China has slapped tariffs on $110bn of USA imports.

On Tuesday, he said US Trade Representative Robert Lighthizer would lead the talks to see "whether or not a REAL deal with China is actually possible".

Trump has argued that China for decades has abused global trade rules to lure away USA jobs, steal U.S. intellectual property, subsidise its own companies, and strong-arm United States firms.

Shares of U.S. and overseas auto companies rose on the announce-ment, though it's unclear how much companies like GM or Ford will actually benefit. Seven of the top 10 auto models manufactured in the US and exported to China previous year were made by BMW and Mercedes-Benz.

Details regarding China's pledge to buy more American products - one that it has made before - remain scant.

But the spokesman did not provide more specific details about what actions China would take.

But Kudlow said the ultimate amount will depend on market prices and the health of China's economy. "Now, you asked me what that means specifically". It is not a solicitation to make any exchange in commodities, securities or other financial instruments. In fact, the only definite thing to seemingly come out of the summit is the United States vowing to hold off on raising threatened tariffs for 90 days. Or it might illustrate China's weak commitment to the deal.

American farmers have been hit hard by China's retaliation on U.S. farm goods, especially soybean exports, which have plummeted.

The two leaders, who met on the sidelines of a Group of 20 summit in Argentina, also chose to hold off on new tariffs and give negotiators three months to strike an agreement.

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