China resumes U.S. soybean imports, may cut auto tariffs

Trump Departs G-20

USA stocks closed up on Wednesday afternoon, though well below their session highs as investors pulled back in the last few minutes of trading despite optimism about U.S.

The tariff reduction benefits Daimler and BMW more than US automakers such as General Motors or Ford Motor Co.

However, the purchases would provide a goodwill gesture before the next round of US-China talks to change their terms of trade. The US now charges a 27.5pc tax on imported cars from China.

The US has hit a total of US$250 billion worth of Chinese goods with tariffs since July, and China has retaliated by imposing duties on US$110 billion of US goods.

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

News of the move, also reported by other media outlets and automotive executives briefed on the talks, boosted automakers' shares and helped lift USA shares more broadly before worries about a US government shutdown prompted a pullback. According to Iowa State University's Agricultural Policy Review, 60% of all USA soybean exports, which is a quarter of the entire crop, went to China.

Skepticism also remains over the impact on the soybean market, as the imports are likely to be made by state-owned enterprises while Chinese commercial buyers that typically buy more are still hampered by tariffs.

More news: God Of War wins game of the year at The Game Awards

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.

China is the largest buyer of US soy, but has purchased little since Beijing slapped steep tariffs on USA shipments on July 6 in retaliation for duties on Chinese goods.

U.S. Commerce Secretary Wilbur Ross said it was clear China has been de-emphasizing the 2025 plan in response to objections from the United States and other countries, "but that doesn't mean they've dropped it". Mr Xi had conceded to the arrangement with the agreement that US President Donald Trump puts a hold on enacting the new China tariffs. Ford exports more of its cars to China than GM, Dzichek said, because it has less of a footprint in the country. The U.S. Trade Representative's office did not immediately respond to a query about the call, according to Reuters.

China is the largest market for U.S. soybeans, making up over 60% of total exports in 2017. China's decision came amid a period of heightening tensions between the US and China over trade and intellectual property issues.

Trump also said he would intervene in the Justice Department's case against a top executive at China's Huawei Technologies if it served national security interests or helped to close a trade deal.

The development bodes well for Ford Motor Company and BMW, which export luxury vehicles made from the United States to China. Media reports said China agreed to reduce the auto tariffs.

Related News:

  • Labour Brexit minister says no confidence vote coming 'before Christmas'

    Labour Brexit minister says no confidence vote coming 'before Christmas'

    A Labour spokesman said: "We will put down a motion of no confidence when we judge it most likely to be successful". Mr Corbyn also said: "This runaway Prime Minister is not even seeking to negotiate".
    Former Trump lawyer Michael Cohen gets 3 years in prison

    Former Trump lawyer Michael Cohen gets 3 years in prison

    He gave Cohen two months for lying to Congress about a proposed Trump Tower project in Russian Federation . Cohen, 52, walked into court with his wife, son and daughter amid a crowd of photographers and reporters.
    Urjit Patel resigns as RBI Governor over 'personal reasons', PM Modi reacts

    Urjit Patel resigns as RBI Governor over 'personal reasons', PM Modi reacts

    It is institutions such as the RBI, among many others, that have served as the edifice of our great nation's progress since independence.
  • India beat shattered Aussies by 31 runs

    India beat shattered Aussies by 31 runs

    Up next, the number one ranked Test team India will take on Australia in the second Test in Perth, starting Friday. The win at Adelaide Oval has set up the series for next three Tests to be played at Perth, Melbourne and Sydney.
    Elon Musk: 'Twitter's a war zone'

    Elon Musk: 'Twitter's a war zone'

    Musk acknowledged that he was "somewhat impulsive", adding that he "didn't really want to try to adhere to some CEO template". When Musk was asked if he would like to go back to being chairman, he replied, "I prefer no titles at all".
    Mohamed Salah becomes fastest Liverpool player to reach 40 Premier League goals

    Mohamed Salah becomes fastest Liverpool player to reach 40 Premier League goals

    Things are looking very, very, very good for Klopp's men right now and long may they continue to do so. Replays showed Salah may have strayed into an offside position. "He can win you a game on his own".
  • Donald Trump, top Democrats in astonishing Oval Office spat

    Donald Trump, top Democrats in astonishing Oval Office spat

    Democrats are not in favour of a wall but do not want to be seen as being soft on security, a characterisation of them Mr. The president demanded border wall funding - and said he's not afraid to shut down the government over it.
    Lakers Trying to Trade for Trevor Ariza in 3-Team Deal

    Lakers Trying to Trade for Trevor Ariza in 3-Team Deal

    Ariza is now averaging 9.7 points, 5.5 rebounds and 3.3 assists during his 15th National Basketball Association season. Ariza is also signed to a one-year deal, a $15 million pact he signed after five seasons in Houston.
    More celebrities arrive in Udaipur for Isha Ambani's pre-wedding ceremony

    More celebrities arrive in Udaipur for Isha Ambani's pre-wedding ceremony

    Award-winning Indian singers and composers Amit Trivedi and Shankar Mahadevan will also belt out their chartbusters. A press release by from the Ambani family said that as part of the " Anna Seva ", 5100 persons were served food.
  • OPEC to slash output by 1.2mn bpd; Iran exempted

    OPEC to slash output by 1.2mn bpd; Iran exempted

    USA oil prices ended Thursday lower, due to concern that planned OPEC production cuts will be smaller than originally anticipated. The talks had earlier hit an impasse because Saudi Arabia refused to agree to an exemption for Iran, OPEC sources told Reuters.
    Diego Bears Down on Southeast

    Diego Bears Down on Southeast

    The weather system dumped record rain in California before bringing a rare ten inches of snow to Lubbock, Texas. Maryland State Police in the southern part of the state have activated a snow emergency plan. "It's December.
    Trump Appoints Gen. Mark Milley Chairman Of The Joint Chiefs Of Staff

    Trump Appoints Gen. Mark Milley Chairman Of The Joint Chiefs Of Staff

    Milley was nominated to the position of Army chief of staff by President Barack Obama and confirmed by the Senate in August 2015. The Joint Chiefs chairman oversees global military operations and is the president's main adviser on military matters.

Most liked

Russian Aviation Visit to Venezuela Unleashes Paranoia On the Right
Duque accused Venezuela of using the arrival of two Russian long-range bombers in Caracas as "provocative tools". The deployment of the Russian warplanes follows Venezuelan President Nicolas Maduro's visit to Russia last week.

Oakland Raiders Rescind Offer To Rent Coliseum For 2019 Season
The 2018 Oakland Raiders could not be any more different than the 2016 team that went to its first playoffs in 14 years. Yes, this could certainly send the Raiders scrambling next season, well before their stadium in Vegas is completed.

‘Every institution has to maintain its autonomy, adhere to accountability’: Shaktikanta Das
Patel, who had said he was resigning for personal reasons, and his predecessor Raghuram Rajan are economists. Arun Jaitley , India's Minister of Finance and Corporate Affairs, acknowledged Patel's departure.

'Burglar' rescued after two days stuck in restaurant grease vent
More resources were sent to the vacant restaurant, and about 30 minutes later, the man was extricated from the grease vent. It took firefighters an hour to extract the man, who was dehydrated and physically exhausted, according to officials.

Bagley gets the best of former Duke teammate in Kings' win
Since the first meeting with Boston two weeks ago, the Pelicans have alternated wins and losses for eight games. When asked about it, Boylen said he had no problem with players reaching out to players association officials.

Google Year in Search 2018: Top-trending queries revealed
Interestingly, Google's "Year in Search 2018" reveals that "what is section 377" searches topped the "what is..." search category. The most-searched movie in the USA was Black Panther , followed by Incredibles 2 , Deadpool 2 , and Avengers: Infinity War .

Russia: Putin says he only heard of alleged spy after arrest
Maria Butina , left, has reached a plea agreement with prosecutors after she was charged with being an unregistered foreign agent. The new plea likely means that she has made a deal with prosecutors. "Oh, and I have 3 words for you: January is coming ".

Pats struggle to explain using Gronk in final play
Brady, who suffered an ACL tear in 2008, routinely wears a knee brace on that leg. A missed field goal and an extra point by one of the best kickers in the NFL .

The internet goes wild after OffSet tweets about missing Cardi B
Everyone has a breaking point and Cardi's was finding out Offset wanted to have a threesome with rapper Cuban Doll. Similarly to Ariana Grande , Cardi also said that 2018 was an incredible year professionally but hard personally.

Second Aide To Meghan Markle Quitting As Rumours Swirl About ‘Duchess Difficult’
It comes after Meghan's personal assistant Melissa Toubati left her post six months after the wedding. Now to be fair, Markle's relationship to the current Duchess of Sussex is strained.

Trump Implicated in Felony Charges for Violation of Campaign Finance Laws
Mr Nadler indicated that Democrats, who will control the House in January, will step up their own investigations. Also, prosecutors' claim that Cohen did it at Trump's direction would, if true, make Trump as guilty as Cohen.

'He Has Only One Skill' - Pele Places Self Above Messi
Brazil legend, Pele , has slammed Lionel Messi as having one skill and says he was a better player than the Barcelona superstar. Mbappe has been compared to Pele after helping his country to win the World Cup in Russian Federation this summer.

All clear after bomb threat forces evacuation of CNN offices
CNN released the following statement regarding the incident: "There has been a bomb threat phoned into the CNN offices in NY". Police searched thoroughly the evacuated building and found nothing to substantiate the threat and later gave the all clear.

New Zealand police find body believed to be British backpacker Grace Millane
She arrived in New Zealand from Peru on 20 November. "Obviously, this brings the search for Grace to an end", Beard said. Her other belongings had remained this week at Base Backpackers, where she had been booked in to stay until today.

Drake, Shawn Mendes, Diana Krall among Canadians up for Grammys
Or how about Drake just becoming the number one selling artist in the US of all-time according to RIAA. Instead, country singer Kacey Musgraves beat him to the punch with a nomination for album of the year.