China, U.S. discuss next stage of trade talks

Auto Industry Sees New Hope in China-US Treaty

The surcharge, implemented as part of the ongoing trade war between the United States and China, instigated by President Donald Trump, saw tariffs on us -made vehicles jump to 40 per cent in China from 15 per cent.

China has repeatedly denied the USA allegations that it systematically misappropriated US intellectual property through policies that effectively coerce US firms to transfer technology to Chinese joint venture partners, through outright theft by cyber and other means and state acquisitions of US firms.

China raised duties on United States autos to 40 percent from 15 percent as the confrontation between the world's two largest economies heated up earlier this year, and essentially halted massive soy purchases.

"I've heard rumors that they're going to buy our beans and put them in reserve, but I don't see ships sitting in our ports to haul them to China yet", said John Heisdorffer, an Iowa soybean grower and chairman of the American Soybean Association, on Wednesday.

Representatives from Ford, GM and BMW all said they see the talks as a step in the right direction and urge both the US and China to work out a sustainable trade deal.

It turns out the President was right, and China is reducing its tariffs from 40 percent to just 15 percent, according to a report by the Wall Street Journal.

"I think they're looking to do it immediately, very quickly", he said.

US government data has not shown any soybean sales to China since July, when Beijing imposed tariffs on USA supplies of the oilseed in retaliation for US duties on Chinese goods.

Senior Chinese and U.S. negotiators have held telephone talks to discuss the road map for the next stage of their trade discussions, according to China's government. "Watch for some important announcements!" he added.

Job growth slows in November
The economy has added jobs for 98 straight months, beginning in October 2010 under former President Obama. Transportation and warehousing payrolls rose by 25,400 jobs, driven by seasonal hiring.

Benchmark soybean futures on the Chicago Board of Trade on Wednesday hit their highest level since midsummer.

The US Department of Agriculture reported export sales of US wheat in the week to December 6 at 754,000 tonnes, near the high end of trade expectations for 500,000 to 800,000 tonnes.

China's foreign minister has vowed to defend its citizens overseas as a Chinese technology executive waits to see whether a Canadian court will release her on bail in a case that has strained U.S. -China trade, with USA equities extending gains after the WSJ story.

Mr Trump's tweet came shortly after he agreed with Mr Xi to a truce in the trade war during a meeting at the G20 summit in Argentina.

Trump said on Tuesday that those negotiations were already taking place by telephone.

"We are seeing danger slant balancing out a bit", said Societe Generale strategist Alvin Tan.

Trump also said he would shortly be providing formal notice to Congress that he will terminate the North American Free Trade Agreement, giving lawmakers six months to approve the replacement he signed Friday.

Trump did not offer any timetable for further face-to-face meetings among USA and Chinese officials, Reuters said.

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