Markets

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

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

On Tuesday, Trump tweeted about the potential for a deal with China, before warning that if a deal wasn't reached in 90 days he would slap more tariffs on China because he was "a Tariff Man".

US President Donald Trump sowed confusion on Tuesday over the trade-truce with China, as he said negotiations could extend beyond an agreed 90-day timeframe.

The ministry said that China would try to work quickly to implement specific items already agreed upon, as both sides "actively promote the work of negotiations within 90 days in accordance with a clear timetable and road map".

For its part, Beijing "issued an upbeat but vague promise Wednesday to carry out a tariff cease-fire with Washington but gave no details", The New York Times pointed out, adding that China has yet to confirm Trump's notion that Beijing would cut auto tariffs and buy more U.S. farm products.

Treasury Secretary Steven T. Mnuchin said on Fox News that China would face "tariffs without reciprocal tariffs attacking us" if Beijing doesn't meet certain commitments made at last week's Group of 20 summit.

China could be preparing to spring a global compact to drive tariffs to zero, and approach Trans-Pacific Partnership (TPP) members including Australia for access to the grouping, positioning Beijing as a champion for free trade.

Last month, the Organisation for Economic Cooperation and Development, which advises numerous world's richest economies, warned that the global economy had passed its peak and faced a slowdown driven partly by trade disputes.

Beijing tried to boost optimism over the world's two largest economies yesterday, after days of interventions from Mr Trump and his advisers.

Willie Delwiche, an investment strategist at Baird, said: "The sense is that there's less and less agreement between the two sides about what actually took place".




In a phone call with reporters December 4, Kudlow, who accompanied Trump to Argentina, said that based on his conversations with Chinese Vice Premier Liu He, Liu and his staff were taking those demands seriously.

During the talks in Buenos Aires, Trump agreed to delay a scheduled escalation in U.S. tariffs on many Chinese goods, from 10 percent to 25 percent, that had been set to take effect January 1.

In a "supremely ironic" move, China may even seek to negotiate entry to the TPP-11, which was originally conceived by the Obama Administration as part of pivot to Asia, and which may end up including China but not the US itself, he said. The changes United States officials have sought include forcing Beijing to lower tariffs on USA goods, stop dumping cheap steel and aluminium into foreign markets, and halting the theft of intellectual property, among other things.

A Chinese official told Reuters that officials were "waiting for the leaders to return" before publicizing details.

The White House has said China agreed to purchase a "very substantial" amount of agricultural, energy, industrial and other products to reduce the trade gap.

He later said China had committed to buying large amounts of USA agricultural products and completely removing all tariffs on United States automobiles, a huge shift from its current 40 per cent penalty.

As White House officials fanned out to talk up what US President Donald Trump called "an incredible deal" with China to hit pause in their trade war, Beijing has said little on a pact that cheered markets but left many questions unanswered.

Noting the applause at the end of Xi-Trump summit, Geng asked: "I don't know why people clapping at that time now mean by saying this type of thing, what are their intentions?" "But if not remember, I am a Tariff Man".

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.


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