Wednesday, 19 December, 2018

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

DEVELOPING US-China trade uncertainty fuels market plunge DEVELOPING: US-China trade uncertainty fuels market plunge
Jeannette Daniel | 06 December, 2018, 16:29

White House national security adviser John Bolton, who also attended the Saturday meeting, said the verdict was still out on what China would ultimately do.

IP theft is a core battleground in the trade war.

Failure would raise the specter of a major escalation in the trade battle, with fresh US tariff action and Chinese retaliation possibly as early as March.

President Donald Trump, right, has dinner with China's President Xi Jinping, left and members of their delegation at the end of the G20 Leaders' Summit in Buenos Aires, Argentina, Dec. 01, 2018.

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". But if not remember ...

China has said comparatively little about the Trump-Xi agreement after senior Chinese officials briefed the media following the leaders' meeting, and there have been some differences between United States and Chinese accounts of what the deal entails.

Chinese officials are puzzled and irritated by the administration's shaky handling of the meeting's aftermath, according to a former USA government official who has been in contact with them.

The Trump administration has sought changes in its trade relationship with China to fix what it calls trade abuses.

As investors confronted uncertainty, markets had one of their worst trading days of the year. The tech-heavy Nasdaq tumbled 3.8 percent, to 7,158.43. China's crude oil imports from the US had ground to a halt. In his Twitter posts on Tuesday, Trump said they might need an extension if the 90-day timeline didn't prove sufficient. He said it could include VW using unused Ford capacity to build cars.

Kevin Scott, who farms near Valley Springs, South Dakota, and serves on the American Soybean Association, said the news provides hope for farmers who are storing their crops while awaiting better prices.

"We want to expand our business in the U.S.", Mr. Zetsche said after the meeting.

Executives from the three automakers were invited to individual meetings with Trump's top economic advisers to discuss investment opportunities in the United States, including in manufacturing and research and development, the White House said. The European Union warned that it would retaliate with tariffs on US products.

More news: LeBron James uncorks powerful two-handed jam on Suns

"Our trade deficit in cars and vehicle components against Germany is about $30 billion", Mr. Ross said, "about half of our entire deficit with Europe".

BMW, Daimler and Volkswagen also build cars in the U.S.at plants in Alabama, South Carolina and Tennessee.

Daimler chairman Dieter Zetsche told reporters that additional US investments are contingent on conditions remaining the same.

China has made no direct mention of specific goods it will buy.

The tariff tactic stoked fierce opposition among free trade advocates in the Republican Party.

"Tariffs are taxes on American families", Sasse wrote.

At the same time, analysts said they were relieved that the Trump-Xi meeting at least pressed the "pause" button on tariff hikes.

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.

The Trump administration has imposed tariffs on Chinese... Many companies have already switched their purchases from China to another country to avoid the potential 25 per cent tariff. For months, the two countries have engaged in tit-for-tat increases in tariffs on hundreds of billions of dollars of exports flowing between the two countries.

"The market is trying to figure out, is there going to be a real deal at the end of 90 days or not", Mnuchin said at a Wall Street Journal event on Tuesday.

In a subsequent tweet, Trump said he would "happily sign" a "fair deal" that addresses U.S. concerns, should one be reached with Beijing. Let the negotiations begin. "MAKE AMERICA RICH AGAIN", he continued.

"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", he said.

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