DEVELOPING: US-China trade uncertainty fuels market plunge

DEVELOPING: US-China trade uncertainty fuels market plunge

The U.S. president a day earlier had said the ceasefire could be extended but warned tariffs would be back on the table if the talks failed and that he would only accept a "real deal" with China.

"We are confident in implementation", the Commerce ministry statement read, calling the latest bilateral talks "very successful".

The ministry also vowed to start implementing "specific matters" that were agreed - saying "the sooner, the better" - but did not provide any details. The three-month period halted the addition of new tariffs by both countries and was aimed at resolving the ongoing trade dispute.

Few details have been made public about what the two sides will negotiate, a lack of clarity that has unsettled stock markets.

High Chinese retaliatory tariffs on USA soybeans have caused the US exports of soybeans to drop by as much as 97 percent.

"President Xi and I want this deal to happen, and it probably will", Trump tweeted.

He revisited the issue later on Tuesday, within minutes of the commerce ministry's statement, writing on Twitter: "We are either going to have a REAL DEAL with China, or no deal at all - at which point we will be charging major Tariffs against Chinese product being shipped into the United States".

Some retailers were also encouraged by the agreement, according to the National Retail Federation.

The comments by the president and his top advisers over the past 48 hours have only added to China's confusion about their negotiating partners. "I am a Tariff Man", Mr. Trump said in a series of tweets.

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The change in tone and the increased confusion over what was achieved at the meeting contributed to a sharp decline in the United States stock market, which plunged on Tuesday, driven lower by trade worries and fears for future USA economic growth.

In London, the FTSE 100 was on course to open around 1% lower according to financial spreadbetters despite help for its strong contingent of dollar-earning companies from a weaker pound.

As part of the truce, Trump agreed to hold off on plans to raise the tariffs on $200 billion in Chinese imports to 25% beginning 1 January, leaving them at the current 10% rate.

Abe was the first foreign leader to meet Trump, flying to NY to see the new American president after his win at the 2016 election.

US Treasury Secretary Steven Mnuchin said markets were in a "wait-and-see" mode.

At the Group of 20 summit on Friday, Abe again turned on the charm, congratulating Trump on his "historic victory" in the USA midterm elections.

According to the White House, China has agreed to buy a "very substantial" amount of agricultural, energy, industrial and other products from the United States to reduce a yawning trade gap, as well as to negotiate over Washington's assertions that Beijing steals American technology.

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 US and China would begin on January 1 instead of December 1.

"Officials now face the hard task of fleshing out a deal that is acceptable to the Chinese but also involves significant enough concessions not to be torpedoed by the China hawks in the Trump administration", Capital Economics said in a note this week, adding that higher tariffs could simply be delayed. Trump says he wants to de-escalate trade tensions with China but insists on Beijing addressing long-standing issues such as intellectual property theft, forced technology transfers, and tariffs and nontariff barriers.

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