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

US President Donald Trump and China's President Xi Jinping are attempting to agree trade terms

Image US President Donald Trump and China's President Xi Jinping are attempting to agree trade terms

This follows President Trump's tweet on December 3, saying that "China has agreed to reduce and remove tariffs on cars coming into China from the U.S. now the tariff is 40%".

And for Tokyo, progress on US-China trade talks means wider access to the Chinese market for foreign firms, including those from Japan.

China will agree to purchase a not yet agreed upon, but very substantial, amount of agricultural, energy, industrial, and other product from the United States to reduce the trade imbalance between our two countries.

Furthermore, Kudlow seemed to downplay Trump's assertion following the meeting that China agreed to reduce or eliminate its tariffs on American automobiles, telling reporters that there was no "specific" agreement reached.

"We are confident in implementation", the Commerce ministry statement read, calling the latest bilateral talks "very successful". But if not remember ...

'When it comes to the trade policies that have been proposed so far specifically, I think we can all expect that there will be further tariff increases on USA imports of Chinese goods, whether that's within the 90-day window that we are now operating under a pause or outside that window, ' Anderson told a small group of reporters in Beijing on Thursday.

Beijing, however, has not yet confirmed what, if any, concessions it has made to the Trump administration.

As investors confronted uncertainty, markets had one of their worst trading days of the year.

The Dow Jones Industrial Average shed 3.1% while the tech-dominated Nasdaq was nearly 4% down by the close. The tech-heavy Nasdaq tumbled 3.8 percent, to 7,158.43.

"We need to see some major changes in their behaviour", he said, speaking at the same event as Kudlow.

Trump and President Xi, leaders of the world's two biggest economies, agreed Saturday in Argentina to not impose any new tariffs on each other's exports for the next 90 days while they negotiate a detailed trade agreement. Ben Sasse, a Nebraska Republican and opponent of Trump's tariff policy, criticized the president's tweets on that basis. He said it could include VW using unused Ford capacity to build cars.

Daimler President Dieter Zetsche said the U.S.

In fact, European automakers have rapidly expanded their manufacturing base in the U.S.in recent years.

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Adding to the confusion, Mr Trump indicated on Tuesday that the trade talks could go beyond the March 1 deadline. The European Union warned that it would retaliate with tariffs on US products. And it comes just days after a 90-day truce in the U.S.

Mr. Ross asked the German vehicle manufacturers to increase production in America.

All three companies present - BMW, Daimler and Volkswagen - already produce cars in the United States.

The meeting also came just after General Motors announced it would close five factories in North America and lay off up to 14,000 autoworkers, including at plants in MI and Ohio.

In Berlin on Monday, German Chancellor Angela Merkel also tried to tamp down speculation about tariffs, dismissing suggestions that the automakers could even conduct trade diplomacy. "And definitely not with the auto companies".

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. It promised to create a list of violators that would make it harder for them to do business or get government support.

The tariff tactic stoked fierce opposition among free trade advocates in the Republican Party. This would spell relief for both General Motors (GM) and Ford, who have recently found themselves in dire straits partly due to the Sino-American tariff war.

He concluded by describing himself as a "Tariff Man", adding that the U.S.is "now taking in $billions in Tariffs".

"On Trade, President Trump has agreed that on January 1, 2019, he will leave the tariffs on $200 billion worth of product at the 10% rate, and not raise it to 25% at this time". China now has until April to make a deal or suffer the higher tariff.

China's ministry of foreign affairs said Monday the Chinese and USA president had agreed to work toward removing all tariffs.

In the tweets, the president expressed confidence that his team, led by Mr. Lighthizer, would find out quickly whether a deal is possible.

One of the few automotive stocks to score a gain on Tuesday was Tesla which only recently began work on a new factory in Shanghai that eventually will let it sidestep the tariff battle. When people or countries come in to raid the great wealth of our Nation, I want them to pay for the privilege of doing so. "It will always be the best way to max out our economic power", he said on Tuesday.

"This is a specific step taken by the Chinese side to strengthen protection of intellectual property and crackdown on IP rights violations", Geng said.

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