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LONDON (Alliance News) - Shares in London closed marginally down Monday as fears over US-China trade relations increase, with the US set to reportedly unveil further tariffs.The FTSE 100 index closed marginally lower, 1.94 points, at 7,302.10. The FTSE 250 ended likewise marginally lower, by 1.48 points, at 20,374.39, and the AIM All-Share closed 0.1% lower, or 1.31 points, at 1,098.21.The Cboe UK 100 ended down 0.1% at 12,372.41, the Cboe 250 closed flat at 18,533.21, and the Cboe Small Companies ended 0.1% lower at 12,199.44.CMC Markets UK market analyst David Madden said: "Equity markets are a little lower today as traders are bracing themselves for the US-China trade spat to take another negative turn. "It has been reported US President Donald Trump is close to pulling the trigger on USD200 billion worth of tariffs on Chinese imports, but only imposing a 10% levy instead of the 25% that was originally discussed." China has promised to retaliate if Trump goes ahead and slaps tariffs on USD200 billion worth of Chinese imports.Beijing "will have to take necessary counter-measures", a Chinese Foreign Ministry spokesman said on Monday."The escalation of trade disputes does not meet the interests of either party," spokesman Geng Shuang said, adding that the Chinese government had proposed solving the trade tensions through negotiations.The US and China have already imposed tariffs on USD50 billion worth of goods each. If Trump goes ahead with the new round of duties, around half of all of China's imports to the US will end up being affected.Stocks in New York were down at the London equities close. The DJIA was down 0.1%, the S&P 500 index 0.3% lower, and the Nasdaq Composite down 0.9%.On the London Stock Exchange, Sirius Minerals closed at the top of the FTSE 250 after inking a supply deal in South America. Shares closed up 6.3%.The company, which is developing the Woodsmith mine in north Yorkshire, England, said units York Potash and OFD Supply have signed take-or-pay supply agreement with Cibrafertil Companhia Brasileira de Fertilizantes, or Cibra Group. The deal is for the supply and resale of up to 2.5 million tonnes per annum of POLY4, a fertilizer ingredient, into Brazil and some other South American countries.Sirius Minerals also has agreed to acquire a 30% equity interest in each of the Cibra Group companies for a total of 95 million ordinary shares of Sirius, representing about a 2% stake.Another FTSE 250 riser was Tullow Oil which closed up 2.6% after Canaccord raised the oil exploration and production company to Buy from Hold.Dairy Crest closed up 1.7% after the FTSE 250 constituent said it expects first-half revenue to be ahead of last year driven by "strong performances" in its two largest brands - Cathedral City and Clover.For the six months ending September 30, the dairy products company said it expects cheese brand Cathedral City to deliver "good growth against strong volumes a year ago". Spread brand Clover is also expected to deliver volume and revenue growth.Dairy Crest said it expects first-half profit to be "slightly ahead of the same period last year", as it confirmed its full-year outlook.At the bottom of the mid-cap index was Sophos Group, slumping 4.5% after Deutsche Bank cut the security software firm to Hold from Buy."Competition in Endpoint appears to be worsening, and we see increasing evidence of enterprise level next gen players attacking the midmarket," the German bank said.Hays was also lower after a broker rating downgrading, shedding 2.3% as HSBC cut the recruitment firm to Hold from Buy.In the FTSE 100, Vodafone closed up 0.4% after the Financial Times reported the telecommunications company's incoming chief executive officer, Nick Read, is considering the sale of thousands of mobile masts to reduce the telecommunications firm's EUR31 billion debt pile. Read, who is scheduled to take over the FTSE 100-listed group from Vittorio Colao next month, announced his debt reduction plans at a Goldman Sachs conference in New York on Thursday last week. Elsewhere on the Main Market, Petra Diamonds advanced 5.2% despite turning to a loss for its recently-ended financial year.The company also said Chief Executive Johan Dippenaar will step down in line with the company's succession plan and upon appointment of a replacement. Dippenaar has been chief executive since 2005.Petra's pretax loss for the year to June 30 totalled USD85.0 million, compared with a USD43.0 million profit the year before. This was due to a near doubling in finance expenses to USD94.3 million from USD47.8 million, as well as a USD66.0 million impairment.The impairment charge came following a year-long review of the Koffiefontein mine in South Africa, which revealed execution risk related to it expansion targets, and the high sensitivity on the strengthening of the rand on the US dollar operating costs.On London's AIM market, boohoo rose 4.3% after poaching Primark's chief operating officer to be its new chief executive.Amid a board shake-up, John Lytte will join the online retailer in March next year, after eight years at fast-fashion bricks-and-mortar clothing retailer Primark, a division of Associated British Foods.Mahmud Kamani, currently boohoo's joint CEO, will become executive chairman, focusing on the long-term strategic objectives of the group. The other joint CEO, Carol Kane, will assume the title of co-founder and executive director on next March. The pound was quoted at USD1.3147 at the London equities close, compared to USD1.3077 at the same time Friday. The International Monetary Fund warned a 'no-deal' scenario could hit the UK economy and see the pound tumble.In the latest of its regular assessments of the state of Britain's finances, the IMF said all likely Brexit scenarios would "entail costs for the UK economy", but added a disorderly departure could lead to "a significantly worse outcome".In its report, launched by IMF Managing Director Christine Lagarde alongside UK Chancellor Philip Hammond at the Treasury in London, the IMF urged UK authorities to prepare policies to "safeguard macroeconomic and financial stability" in the case of a chaotic Brexit.Elsewhere, the Institute for Government warned the UK government has "left its preparations for 'no deal' too late."The proposed 21-month transition period would be too short for the negotiation, ratification, and implementation of the final deal, the think tank said.Earlier in the day, the British Chambers of Commerce downgraded its growth expectations for the UK economy, citing weaker outlook for trade and investment amid Brexit uncertainties.Growth forecast for 2018 was lowered to 1.1% from 1.3% and for next year to 1.3% from 1.4%. Meanwhile, the projection for 2020 was kept unchanged at 1.6%.Jaguar Land Rover has announced a cut in production due to "continuing headwinds" affecting the car industry, hours after its chief executive was accused of fabricating warnings about potential hard Brexit job losses.The automotive giant said it was making "temporary adjustments" at its Castle Bromwich site in Birmingham, with the area's MP saying staff had been placed on a three-day week until Christmas.The move came hours after former shadow minister Bernard Jenkin accused Jaguar Chief Executive Ralf Speth of scaremongering over a prediction crashing out of the EU would have a "horrifying" effect on the leading automotive firm's business.The euro stood at USD1.1690 at the European equities close, against USD1.1661 Friday.In Paris the CAC 40 closed flat, while the DAX 30 in Frankfurt ended 0.2% lower. In eurozone data, inflation slowed as first estimated in August. Harmonized inflation came in at 2% versus 2.1% in July, which had marked the highest since December 2012. Core inflation that excludes energy, food, alcohol and tobacco, slowed marginally to 1% in August, also as initially estimated, from 1.1% a month ago.The European Central Bank targets "below, but close to 2%" inflation.Speaking to Alliance News, BP Prime Senior Market Analyst Emanuele Canegrati said: "Today's data on eurozone's inflation are perfectly in line with analysts' expectations. As CPI has risen 2.0% year on year, inflation rate is now aligned with ECB's target. "This hints the central bank's monetary stance could become more hawkish, notwithstanding the latest macroeconomic data show a slow down in the eurozone's growth."Also on the continent, European Central Bank Executive Board member Benoit Coeure said the Governing Council must clarify the pace at which it plans to start raising interest rates when the time comes."Empirical evidence demonstrates the enhanced forward guidance that the Governing Council adopted in June 2018 has been effective in reducing uncertainty around the expected future path of short-term interest rates," Coeure said."Looking ahead, should economic conditions warrant, there might be a case for the Governing Council to go beyond the timing to lift-off in further clarifying the pace at which it expects to remove policy accommodation," he added.Brent oil was higher, quoted at USD78.00 a barrel at the equities close from USD77.92 at the same time on Friday. Gold was higher Monday. An ounce of the precious metal was quoted at USD1,202.58 at the London equities close against USD1,196.35 on Friday.The economic events calendar on Tuesday has European Central Bank President Mario Draghi holding a press conference at 0815 BST and the US Johnson Redbook retail sales index at 1355 BST. The UK corporate calendar on Tuesday has a trading statement from Ocado Group and Northgate and half year results from Spire Healthcare and Keyword Studios.