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

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Chinese officials have begun preparing to restart imports of USA soybeans and liquefied natural gas, the first sign confirming the claims of President Donald Trump and the White House that China had agreed to start buying some United States products "immediately".

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".

China has pledge to implement the changes agreed at trade talks between Presidents Trump and Xi "as soon as possible", but it has not repeated claims from senior figures in the USA that it will happen "immediately", he said.

The president's optimistic comments came one day after stock prices around the world plunged in response to a series of tweets he posted on Tuesday, warning a fragile accord between the two countries could crumble. "But if not remember, I am a Tariff Man", Mr Trump said on Twitter.

They said they would hold off on imposing additional tariffs for 90 days starting on December 1 while they sought a solution to their trade disputes.

It did not give further details but it crucially did not contradict the U.S. president's remarks that China would buy more goods from the United States to help close their trade gap and structural changes to intellectual property protection.

Kudlow told reporters at the White House that he believes the president expects China will reduce its auto tariffs to zero.

U.S. President Donald Trump, Secretary of State Mike Pompeo, national security adviser John Bolton and Chinese President Xi Jinping attend a working dinner after the G20 leaders summit in Buenos Aires, Argentina, on December 1, 2018. "Not to sound naive or anything, but I believe President Xi meant every word of what he said at our long and hopefully historic meeting".

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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.

Officials from the United States and a number of other major economies have often criticized China for its slow approach to negotiations and not following through on commitments.

For meetings such as the Trump-Xi dinner, the initial official news report is typically drafted by the foreign ministry and approved by the General Office of the ruling Communist Party's Central Committee, she said. Those lower rates suggested that investors expect the US economy to slow, along with global growth, and possibly fall into recession in the coming year or two.

"He and I are the only two people that can bring about massive and very positive change, on trade and far beyond, between our two great Nations". Export shipments dropped dramatically as China, one of the largest buyers of US soybeans, sought alternative sources to avoid the high taxes.

The U.S. LNG sector also needs Chinese participation, however.

"The actual amount of concrete progress made at this meeting appears to have been quite limited", Alec Phillips and other economists at Goldman Sachs wrote in a research note.

"Very good things will happen". The downside for China is that it also needs USA sourced LNG as its insatiable gas demand expands amid Beijing's mandate that gas make up at least 10 percent of its power generation energy mix by 2020, with further earmarks set for 2030.

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