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

Traders work on the floor at the New York Stock Exchange in New York City U.S

Beijing's decision to keep things vague, for now, may reflect a desire to avoid being seen as having capitulated under pressure - the sides have 90 days to reach a deal - or may be a hedge against Trump's unpredictability, analysts said.

President Donald Trump at a bilateral dinner meeting with President Xi Jinping of China during the Group of 20 summit at the Hyatt Palace Hotel in Buenos Aires, Argentina, Dec. 1, 2018. "We've never been close to this".

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

Despite Mnuchin's earlier comments on President Trump leading trade negotiations with China, .

China also announced an array of punishments that could restrict companies' access to borrowing and state-funding support over intellectual-property theft.

Last week, BMW said it was considering building a second manufacturing plant in the United States that could produce engines and transmissions, drawing praise from Trump, who has made the revitalization of USA manufacturing a key pillar of his economic program.

"Small rays of light" such as Saturday's agreement between the two leaders "create tactical opportunities for investors", said Kerry Craig, global market strategist at JPMorgan Asset Management.

"President Xi and I want this deal to happen, and it probably will", Trump wrote on Twitter. 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. "Financial markets are increasingly showing signs of fear of a recession". But they jumped Monday in response to Saturday's truce.

The Dow Jones Industrial Average shed 3.1% while the tech-dominated Nasdaq was nearly 4% down by the close.

Those omissions suggest Beijing doesn't recognize how important those demands are to Trump, said Nick Marro of the Economist Intelligence Unit.

In the meantime, the outlines of the agreement remain hazy and in some cases confusing.

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U.S. Treasury Secretary Steven Mnuchin has made it clear there's only one person leading the trade negotiations with China.

Among the conflicting assertions that White House officials made was over whether China had actually agreed to drop its 40 percent tariffs on United States autos.

In brief statements following the meeting, the USA and China emphasized different results, with the split highlighting the wide gap they must overcome over the next three months. They intend to start purchasing agricultural product immediately.

"China's discussed these things with the US many times down through the years and the results have not been very good", he said.

State-run Chinese media has described the agreement very differently from how the Trump administration has. The 90-day clock starts January 1.

The outcome wasn't the result of a "significant change" by China, Louis Kuijs of Oxford Economics said in a report. Or it might illustrate China's weak commitment to the deal.

According to agreement, China agreed to buy a "very substantial" amount of agricultural products, industrial, energy and some others too from the U.S. in order to reduce the trade gap in-between countries, and also China agree to purchase farm products "immediately" from USA, the White House said. As such, companies with interests in U.S. "However, I will say this: President Xi has never been this involved".

Kevin Scott, who farms near Valley Springs, South Dakota, and serves on the American Soybean Association, said the news provides hope for farmers who are storing their crops while awaiting better prices. Instead, the two sides are to negotiate over US complaints about China's trade practices, notably that it has used predatory tactics to try to achieve supremacy in technology. Gauslow said. "There was nothing in writing, which scares me a little bit".

BMW used the opportunity "to explain in detail the extent of its footprint in the USA" and that the "mandate to talk about worldwide trade politics rests exclusively with the relevant political institutions", the company said in a statement. At the same time, the federation noted that the truce prolongs the uncertainty around trading with China.

"My expectation is that China will roll back those tariffs quickly", Kudlow said.

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