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

U.S. President Donald Trump and Chinese President Xi Jinping meet after the G20 in Buenos Aires 1/12/2018

U.S. President Donald Trump said in a statement that Beijing has agreed to "reduce and remove" the 40% tariffs that it places on U.S. cars that are imported into China.

Failure would raise the specter of a major escalation in the trade battle, with fresh USA tariff action and Chinese retaliation possibly as early as March.

Beijing will "immediately implement" terms of a tariff ceasefire with Washington and is "full of confidence" a trade agreement can be reached within 90 days, a Chinese government spokesman has said.

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

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. The deal will also keep, at least for now, Trump from placing another $267 billion worth of Chinese goods under tariffs.

Trump, in a post on Twitter, linked Beijing's silence to officials' travels and said he thought Xi had been honest during their weekend meeting to hammer out progress over trade.

The China Daily also published a commentary on Tuesday noting the 90-day period, explaining it was a truce and saying the USA would likely escalate the trade war if no permanent deal was achieved.

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The Dow Jones Industrial Average fell by about 799 points or 3.09 percent on Tuesday after Trump reminded China that he was "a Tariff Man" who could easily hike tariffs on Chinese goods if they failed to deliver on their promise to purchase American goods.

Without disclosing further details about the agreement signed, ministry said, "China will start with the implementation of the specific matters in which consensus has been reached, the sooner the better".

The U.S. had a $335.4 billion trade deficit with China in 2017.

The Ministry said that the recent meeting of U.S. President Donald trump and Chinese President XI Jinping was successful. -China relations "will remain contentious". "China is willing to increase imports in accordance with the needs of its domestic markets and the people's needs, Wang said, "including marketable products from the United States, to gradually ease the imbalance in two-way trade".

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.

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

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