Wednesday, 12 December, 2018

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

Volkswagen AG CEO Herbert Diess arrives for a meeting between senior Trump administration officials and top executives of Volkswagen and Dai Volkswagen AG CEO Herbert Diess arrives for a meeting between senior Trump administration officials and top executives of Volkswagen and Dai
Rhonda Young | 07 December, 2018, 16:08

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

Chinese purchases for the aforementioned products have almost completely halted after Beijing imposed tariffs on them in response to the US tariffs on Chinese goods. If the two had failed to reach an agreement, the US would've seen $200 billion worth of Chinese goods have their tariffs increase from 10% to 25% at the beginning of 2019.

He added that Xi has sought to control the Indo-Pacific region, where the US previously had significance.

The remarks, by the Chinese Commerce Ministry, follow a period of relative quiet from Beijing after Trump and Chinese leader Xi Jinping reached a temporary truce in their trade war at a meeting over dinner in Argentina on Saturday.

He had earlier also indicated that the deadline for an agreement could be extended.

Jack Fincham and Dani Dyer from Love Island 2018 have SPLIT
Love Island star Dani Dyer has confirmed she has split from Jack Fincham - six months after hooking up on the reality show. So does this mean that they could be back on? Love Island's Jack Fincham and Dani Dyer confirm split.

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.

According to agreement, China agreed to buy a "very substantial" amount of agricultural products, industrial, energy and some others too from the USA in order to reduce the trade gap in-between countries, and also China agree to purchase farm products "immediately" from U.S., the White House said.

China's ministry of foreign affairs said Monday the Chinese and US president had agreed to work toward removing all tariffs.

"If it is, we will get it done", Mr Trump said in a Twitter post.

At the end of the day, two realities remain: the U.S.is now an energy (oil and gas) producing super power alongside the ranks of Russian Federation and Saudi Arabia, while China, conversely, is the world's largest energy consumer, which gives it less leverage in ongoing trade and even geopolitical negotiations and developments.

Roberto Firmino and Mohamed Salah On Bench - Liverpool Team vs Burnley Confirmed
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Those 10 percent tariffs were scheduled to ratchet up to 25 percent on January 1 if the US and China failed to reach an agreement to at least postpone that move. The downside for China is that it also needs US 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.

"Relations with China have taken a BIG leap forward!"

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

Trump tweeted on Monday that his meeting with President Xi was "extraordinary", and that "very good things" will happen in terms of the United States' relationship with China.

A Chinese official told Reuters that officials were "waiting for the leaders to return" before publicizing details.

Pantone announces its 'life-affirming' Colour of the Year 2019
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Mr Xi and his most senior officials, including the Commerce Minister and the country's two top diplomats, are in Portugal, and due back in China on Thursday.

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