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

Containers are seen at the Yangshan Deep Water Port in Shanghai China

Hours later, Bloomberg News reported that 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 US products "immediately".

President Donald Trump cast his Saturday meeting with President Xi Jinping of China as a huge win for the United States, insisting that US farmers and automakers would reap immediate benefits from a trade truce that has yet to produce any concrete commitments and created more questions than answers about what China is truly prepared to offer.

Trump agreed that on January 1, 2019, he will leave the tariffs on Dollars 200 billion worth of product at the 10 per cent rate, and not raise it to 25 per cent at this time.

The stock market will be closed on Wednesday, during President H.W. Bush's funeral.

Trump dubbed himself a "Tariff Man" if Xi's government can not strike a deal with his administration. China has imposed duties on about $110 billion in USA products.

Trump, however, has threatened to slap tariffs on auto imports from Europe and other countries, citing USA trade deficits with those nations.

"Today is mostly about celebrating the fact that the USA and China have delayed what could have been some of the worst-case scenarios regarding their trade relations", said Michael Arone, chief investment strategist at State Street Global Advisors.

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U.S. President Donald Trump on Tuesday held out the possibility of an extension of the 90-day trade truce with China but warned he would revert to tariffs if the two sides could not resolve their differences. Vice-Minister of Commerce Wang Shouwen told reporters that China and the United States would step up talks to remove the existing 25 per cent tariffs (on some other products), but gave no timeframe. -China agreement in Buenos Aires as a historic breakthrough that would ease trade tensions and potentially reduce tariffs. "And it'll have an incredibly positive impact on farming, meaning agriculture, industrial products, computers - every type of product". Trump indicated that China was willing to cut tariffs on cars coming from the US, but China did not respond to the claim and Trump's top economic adviser, Larry Kudlow, said Monday that these were not deals set in stone. Donald Trump and Xi Jinping both decided at the meeting of the G20 to stop the trade war for the period 90 days to stable both country's declining economy.

His appointment of Lighthizer to lead the talks instead of Treasury Secretary Mnuchin puts one of the administration's toughest China critics in charge.

The President has stepped in to pump up his deal, opening Friday with a tweet asserting, "China talks are going very well!" "But if not remember, I am a Tariff Man".

"If it is, we will get it done".

China's ambassador to the United States brushed off questions about the different accounts of the Trump-Xi meeting.

Officials in Beijing declined to comment on Trump's auto tweet and haven't confirmed such an agreement.

But that premium has been significantly eroded in recent weeks after China built up large soybean stocks, and demand for soymeal declined in the wake of an African swine fever epidemic ravaging the country's huge hog herd.

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