DEVELOPING: US-China trade uncertainty fuels market plunge

Xi Jingping

But as part of the truce agreed to by Mr Xi and Mr Trump, the USA will not raise tariffs further on Jan 1, so further talks can take place.

China's Ministry of Commerce said in a statement on Wednesday Beijing will start to quickly implement specific items where there's consensus with the United States and will push forward on trade negotiations within the 90-day "timetable and road map".

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

Trump and Xi on Saturday agreed to the cease-fire in a trade war that has seen the flow of hundreds of billions of dollars worth of goods between the world's two largest economies disrupted by tariffs.

But the mood has quickly soured on scepticism that the two sides will be able to reach a substantive deal on a host of highly divisive issues within the tight negotiating window.

Pompeo's remarks "go contrary to the spirit of the consensus between our two leaders", foreign ministry spokesman Geng Shuang told reporters.

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.

"We are confident in implementation ..."

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

At the start of the administration, Trump failed on that front when he pulled the United States out of the Trans-Pacific Partnership - a pact joining 12 major trading economies along the Pacific Rim in a trade agreement created to push back against China's mercantilist behavior.

Copa Libertadores: River Plate v Boca Juniors moved to Bernabeu in Madrid
Meanwhile, Colombia's Junior Barranquilla will play Brazil's Atletico Paranaense in the final of the Copa Sudamericana. Ordered to pay a fine of $400,000, the fans of River will also will be punished for their role in the whole fiasco.

Also contributing to the decline are increased fears about future US economic growth. "But if not remember, I am a Tariff Man". Chinese shares responded in kind, opening lower on Wednesday.

After the meeting, Washington agreed to hold off on Trump's threat to raise tariffs on $200 billion in Chinese imports to 25 percent beginning January 1, leaving them at the current 10 percent rate. -China relations "will remain contentious".

China's tariffs on US soybeans had earlier pushed the price of soybeans from Brazil, the world's top supplier, so high that Chinese buyers could have imported American soybeans and paid the tariff for less.

"Treasury Secretary Steven Mnuchin acknowledged investors" doubts over the talks' outcome.

"The market is trying to figure out, is there going to be a real deal at the end of 90 days or not", Mnuchin said at a Wall Street Journal event on Tuesday.

He later said China had committed to buying large amounts of U.S. agricultural products and completely removing all tariffs on USA automobiles, a huge shift from its current 40 per cent penalty.

The White House has alleged that China pledged to purchase a "very substantial" amount of agricultural, energy, industrial and other products from the U.S., to help narrow the current trade deficit.

"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.

Global investors, who had feared for months that a protracted trade war could hurt economic growth, seemed to cheer the cease-fire on Monday, but U.S. markets slid back on Tuesday as it became clear that there were few concrete commitments that came out of the discussions so far.

China also announced an array of punishments that could restrict companies' access to borrowing and state-funding support over intellectual-property theft. He added that the German automakers "wouldn't be coming to the table here to talk to us unless the president had auto tariffs on the table".

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