Wednesday, 19 December, 2018

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

Vincent Yu | AP Vincent Yu | AP
Kelvin Reese | 07 December, 2018, 00:16

China and the U.S. announced a truce in their trade dispute after the meeting between Trump and Chinese President Xi Jinping (習近平) on Saturday, but that quickly descended into confusion, with both sides announcing different statements on what was agreed.

The mood has quickly soured, however, on skepticism that the two sides can reach a substantive deal on a host of highly divisive issues within the 90-day negotiating period.

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.

While Asian equities dropped yesterday in the wake of the biggest slide in stocks on Wall Street since the mid-October downdraft, USA futures advanced after the statement from China echoed Trump's optimism over trade talks.

Beijing tried to boost optimism over the world's two largest economies yesterday, after days of interventions from Mr Trump and his advisers.

China has indicated that it is confident it can strike a lasting trade deal with the United States. "But if not remember, I am a Tariff Man", Mr Trump said on Twitter. The two agreed to hold off on new tariffs of each other's exports pending renewed talks on an overall agreement over trade rules. China agreed to buy American agricultural, energy and industrial goods.

However he offered no new details on what China had agreed to with the United States.

The statement comes after Chinese President Xi Jinping and US President Donald Trump met in Argentina following the G20 summit on 1 December.

US Marine planes crash in Japan
Reports on Twitter indicate that two USA military aircraft have crashed during a midair refueling operation off Iwakuni, Japan. The aircraft involved had launched from Marine Corps Air Station Iwakuni and were conducting regularly scheduled training.

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At a separate event in New York, Finance Minister Bill Morneau said Canada takes seriously comments made by U.S. Sherrod Brown, D-Ohio, has been critical of the new trilateral trade deal.

Google Announces Google Play's "Best of 2018" Awards
The possibility of such sensitive information being sent to TRAI DND is likely why Apple said that there was risk to user privacy. Customers who are already using the old app can continue to do so without having to download it afresh.

Washington also expects China to promptly address structural issues including intellectual property theft and forced technology transfers, United States officials have said.

"President Xi and I want this deal to happen, and it probably will". On Tuesday, Trump said that the trade negotiations between Washington and Beijing would take 90 days.

Despite positive signals - the Wall Street Journal reports that Chinese pork prices are up 24% since May, whereas hog prices in the US have been on the rise since mid-October in anticipation of increased demand - there are no signs that current tariffs will be removed any time soon.

Trump said China is planning to resume buying USA soybeans and natural gas, which he said confirms his claims China had agreed to start "immediately" buying US products.

In Brussels, Secretary of State Mike Pompeo told assembled leaders: "China's economic development did not lead to an embrace of democracy and regional stability; it led to more political repression and regional provocations".

The disarray surrounding the China deal coincides with a global economy that faces other challenges: Britain is struggling to negotiate its exit from the European Union.

Trump's series of tweets also show he has no problems with re-igniting the trade war if a broader agreement on his terms isn't reached in the next 90 days.

The White House on Monday had to correct a statement by economic adviser Larry Kudlow, who incorrectly told reporters in a conference call that the 90-day negotiating period between the USA and China would begin on January 1 instead of December 1.

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