Beijing offers to cut auto tariffs, buy soy

After China Considering Easing Import Tariffs

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.

Shares of Toyota Motor Corp.as well as Hyundai Motor Co. tacked on gains before Daimler AG, Tesla Inc. and General Motors Co. also saw their stocks go up.

However, the purchases would provide a goodwill gesture before the next round of US-China talks to change their terms of trade.

Trump has imposed import taxes on $250 billion in Chinese products - 25 percent on $50 billion worth and 10 percent on the other $200 billion.

Shares in auto companies, including BMW, rose on the reports.

China retaliated with penalties on $110 billion of American goods but is running out of imports for retaliation due to their lopsided trade balance. The German company BMW AG also exports its sports utility vehicles to China from the United States, and it saw its shares go up by 1.8%. Soybeans are the single most valuable USA agricultural export product and China bought 60 percent of those exports in 2017, worth $12.25 billion. The 40% rate is a retaliatory measure in response to USA tariffs on Chinese-made goods.

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According to President Trump, he won concessions from the Chinese President Xi Jinping when they met in Buenos Aires at the G20 Summit in the first week of December.

They are the largest exporters of China-bound sport utility vehicles from the US and significant importers of luxury sedans into the USA, said Jeff Schuster, the president of global forecasting for LMC Automotive.

In its 2016 guidance to local governments, the State Council, or cabinet, said local governments that promoted the implementation of "Made in China 2025" while encouraging industrial growth and manufacturing upgrading would be given priority support. Mr Xi had conceded to the arrangement with the agreement that US President Donald Trump puts a hold on enacting the new China tariffs.

"When people in the cash market started to hear that China was buying, we started to worry less about politics and more about the balance sheet", Basse said, alluding to massive USA soybean inventories and prospects for a record-large harvest in South America in the next few months.

Traders said China made the first major purchase of USA soybeans since Washington and Beijing agreed to a temporary trade truce this month. There was also no response from the White House nor the US Trade Representative's Office. "And maybe a meeting of the top people on both sides", he said. Soybeans are the single most valuable USA agricultural export and China bought 60 percent of those exports past year, worth US$12.25 billion.

China reportedly bought more than 500,000 tons of United States soybeans, worth around $US180 million.

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