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China said to agree to auto tariff cut as trade talks continue

14 December, 2018, 09:03 | Author: Lawrence Cooper
  • U.S. President Donald Trump has previously said on Twitter that China 'does not want' tariffs

Lighthizer said on Sunday that unless U.S. For example, shares in BMW rose 1.8 per cent, Daimler's share price increased by 2.7 per cent, Volkswagen rallied by 3.6 per cent, and General Motors jumped by 1.5 per cent.

The back-and-forth is the latest in a trade tow triggered by U.S. claims that China engages in "unfair" trade practices, such as theft of intellectual property.

The two sides have exchange punitive tariffs on hundreds of billions of dollars in trade, and prior to the ceasefire Washington had been poised to more than double the rate on $200 billion in Chinese goods starting January 1.

Chinese vehicle dealers also perked up their shares, hoping that the temporary US-China treaty will help improve the domestic market.

A 25 percent tariff on US soybeans Beijing imposed on July 6 in retaliation for Washington's duties on Chinese goods remains in effect.

Traders have been watching closely for signs of confirmation of a resumption of Chinese buying of US soybeans, particularly after Trump tweeted on Tuesday morning that "very productive conversations" were going on with China.

The U.S. and China also made progress on the regulation of fentanyl, which is 50 times more powerful than heroin.

China a year ago purchased about 60 percent of US soybean exports in deals valued at more than $12 billion.

In retaliation, China raised the duty on U.S. auto imports to 40%, though it proceeded with the lower rate on imports from other countries.

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USA officials insist that the American economy is more resilient to the tumult than China's, but they remain anxious of the economic effects of a prolonged showdown - as Trump has made economic growth the benchmark by which he wants his administration judged.

The talks began after Trump met with Chinese leader Xi Jinping in Buenos Aires on December 1.

Even if talks can stop the trade war, at least for now, farmers are trying to diversify away from China, according to a Wall Street Journal report. China said last week it would deepen reforms in the area of science and technology and put more effort into protecting intellectual-property rights.

Chinese state-owned companies bought at least $180 million of soybeans, two USA traders said.

Southeast Asian stock markets ended higher on Wednesday, as optimism swept across broader Asia after upbeat comments from US President Donald Trump on reaching a trade deal with China allayed trade conflict worries between Washington and Beijing.

USA farmers stored soybeans after the fall harvest, instead of selling them to grain traders and processors, because of low prices and lack of alternative buyers.

Trump also said he would intervene in the Justice Department's case against a top executive at China's Huawei Technologies if it would serve national security interests or help close a trade deal. China imported 280,208 vehicles, or 10pc of total imported cars, from the USA past year.

Commodities traders and analysts said soybean prices may struggle to build on Wednesday's gains unless China buys considerably more soybeans.

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