China to 'cut U.S. auto tariff to 15%'

China Agrees to Reduce Tariffs on U.S. Built Vehicles & Auto Parts

China, US discuss plans for trade talks

China has repeatedly denied the US allegations that it systematically misappropriated USA 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 USA firms.

The tariff reduction benefits Daimler and BMW more than USA automakers such as General Motors or Ford Motor Co. The US now charges a 27.5pc tax on imported cars from China. Her estimate was based on an assumption that the existing 10 per cent tariffs on US$200 billion worth of Chinese goods would remain unchanged next year.

Senior US and Chinese officials held discussions by telephone Monday night. -China trade talks wrap up successfully by March 1, new tariffs will be imposed, clarifying there is a "hard deadline" after a week of seeming confusion among Trump and his advisers. Soybeans are the single most valuable US agricultural export product and China bought 60 percent of those exports in 2017, worth $12.25 billion.

Ross did not say when the Chinese auto tariffs will come down or whether Washington had made any offer in exchange, nor when soybean exports might resume.

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. China said last week it would deepen reforms in the area of science and technology and put more effort into protecting intellectual-property rights.

Soybeans modestly lower ahead of the daily pause in trade as market awaited confirmation of Chinese purchases of at least 1.5 million tonnes of United States soybeans.

China, US discuss plans for trade talks
China Could Cut Tariffs On U.S.-Made Vehicles

Trump is in the midst of delicate negotiations with China after agreeing to a 90-day tariff truce with Xi at a December 1 dinner in Buenos Aires.

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. There was also no response from the White House nor the US Trade Representative's Office.

Over the next three months, U.S. and China will negotiate over structural changes of China's policies on other USA products like intellectual property protection, cyber intrusions and theft, services, technology, agriculture, and non-tariff items.

"Last week, events seemed to conspire to throw the truce into disarray, but the underlying incentives of both sides at the moment are to try to maintain that truce", said Freya Beamish, chief Asia economist at Pantheon Macroeconomics. Media reports said China agreed to reduce the auto tariffs.

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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