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

06 Décembre, 2018, 16:32 | Auteur: Anatole Charbonneau
  • US President Donald Trump and China's President Xi Jinping are attempting to agree trade terms

On 2 December, Bloomberg published a side-by-side comparison of statements made by United States and Chinese officials and found them "rarely overlapping".

This year, the Trump administration instigated a trade war on Beijing, imposing tariffs on a total of $250bn of Chinese imports.

Values in NY surged on Monday but sank on Tuesday amid doubts the suspension of tariff hikes agreed during talks between Donald Trump and his Chinese counterpart Xi Jinping at the weekend would lead to a concrete deal to end their trade war.

But concerns linger over discrepancies in information coming from either side.

China has said comparatively little about the Trump-Xi agreement after senior Chinese officials briefed the media following the meeting, and USA and Chinese accounts of what the deal entails have sometimes differed.

Ahead of his attendance at former President George H.W. Bush's state funeral Wednesday, President Donald Trump took to Twitter to express optimism about the state of trade negotiations with China following Tuesday's stock market plunge.

Skepticism mounted Tuesday about President Trump's impromptu trade agreement with the president of China, as Mr. Trump threatened new penalties against Beijing if the deal falls through.

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. I am a Tariff Man", Mr. Trump said in a series of tweets. "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 added.

The White House said China would agree to purchase a not yet agreed, but very substantial, amount of farm, energy, industrial, and other products from the United States.

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Furthermore, contradicting statements from U.S. and Chinese officials, shattered USA stock prices on 4 December.

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 commerce ministry, in a brief statement on its website, also said China would work to implement specific issues already agreed upon as quickly as possible. But when Trump announced broad new USA tariffs on Chinese made goods, the Beijing government raised duties specifically on American made automobiles and parts.

"Reaching an agreement within three months is a spur to not only China, but also the U.S. If the two sides fail to reach a deal, all the White House promises will be invalid", it said.

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. Even before the Buenos Aires talks, Trump last month had stated incorrectly that the Chinese government "got rid of" the Made-in-China 2025 programme of subsidised technology development in response to his objections. Failure would raise the spectre of fresh United States tariff action and potential Chinese retaliation as early as March.

The tone of Trump's latest tweets show an apparent shift from 24 hours earlier, when he was unreservedly triumphant, saying relations with China had taken a "BIG leap forward".

The two leaders said they would hold off on imposing additional tariffs for 90 days starting December 1 while they seek a solution to their beefs over trade. Ultimately, I believe, we will be making a deal - either now or into the future. Leaders of the European Unionhave signaled they would echo the response of China, saddling USA -made vehicles with new tariffs in response.

So just days before the high-stakes meeting with Trump, Beijing made a small goodwill gesture to Tokyo by lifting its import ban on rice from the Japanese prefecture of Niigata, one of 10 areas covered by a sweeping food ban in the aftermath of the 2011 Fukushima nuclear disaster.

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