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

Volkswagen AG CEO Herbert Diess arrives for a meeting between senior Trump administration officials and top executives of Volkswagen and Dai

Mr Trump has said China is supposed to start buying agricultural products immediately and cut its 40 per cent tariffs on United States auto imports.

According to the White House, the US will still keep in place $200 billion of tariffs on Chinese imports but will not increase those tariffs from 10 percent to 25 percent after the start of the year as originally planned.

Chinese officials hailed on Wednesday a "very successful" trade meeting with the US, just days after President Trump claimed there had been a major breakthrough in negotiations that ended in a new trade deal. Even if the tariffs are lifted now, the U.S. crop is becoming less competitive in the Chinese market as the harvest season approaches in South America.

Trump and the Chinese president, Xi Jinping, had reached a temporary truce in their trade war at a meeting over dinner at the G20 in Argentina on Saturday. The deal will also keep, at least for now, Trump from placing another $267 billion worth of Chinese goods under tariffs.

Chinese purchases of the goods collapsed after Beijing imposed tariffs on them in retaliation for U.S. import taxes.

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 White House has said China had committed to start buying more American products and lifting tariff and non-tariff barriers immediately, while beginning talks on structural changes with respect to forced technology transfers and intellectual property protection.

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"Narrow agreements and modest concessions in the ongoing trade dispute will not bridge the wide gulf in their respective economic, political and strategic interests", Moody's Investors Service said in a report that predicted U.S.

America has probably already missed its best chance to sell soybeans to China, according to Cargill, one of the world's biggest agriculture commodity traders.

The Ministry said that the recent meeting of U.S. President Donald trump and Chinese President XI Jinping was successful.

The market is closed Wednesday as the United States celebrates a National Day of Mourning for the late President George H.W. Bush, whose funeral will held at the Washington National Cathedral. 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.

Trump agreed Saturday to postpone United States tariff hikes in a fight over technology by 90 days while the two sides negotiate.

China's Ministry of Commerce did not respond to phone calls and a faxed request to comment.

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