US Commerce Secretary: Beijing Reducing Auto Tariffs to Help Resolve Trade Row

US Commerce Secretary: Beijing Reducing Auto Tariffs to Help Resolve Trade Row

US Commerce Secretary: Beijing Reducing Auto Tariffs to Help Resolve Trade Row

That's piled pressure on auto companies that have relied on the country for growth amid declining vehicle sales in the 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. "It looks like we're back in business now", the first USA trader said.

Also, Trump said he expects China to soon cut tariffs on United States autos to 15 percent from the current 40 percent level. The US now charges a 27.5pc tax on imported cars from China.

US exports of cars and light trucks to China were worth $9.5 billion in 2017 and have dropped off significantly since China imposed its retaliatory tariffs over the summer that gave exporters in Europe and Japan a significant advantage.

Beijing plans to replace the "Made in China 2025" initiative with a new one to play down China's bid to dominate manufacturing and will seek to be more open to participation by foreign companies, the Wall Street Journal reported on Wednesday, citing people briefed on the matter. According to Iowa State University's Agricultural Policy Review, 60% of all US soybean exports, which is a quarter of the entire crop, went to China.

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.

US soybean farmers had long seen China as a favorite destination-for their crops.

American soybean farmers are still waiting to see the benefit of President Donald Trump's trade truce with China.

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Chinese state-owned companies bought at least 500,000 tonnes of USA soybeans, two US traders said, in deals valued at more than $180 million.

"Right off the bat we had news that China was thinking about decreasing levies on us vehicle, at that point the Huawei CFO was discharged on safeguard and afterward Trump said might he be able to intercede for the situation on the off chance that it anchored an economic agreement".

Investors have been skeptical about the progress made toward ending a trade dispute that has disrupted the flow of hundreds of billions of United States dollars of goods between the world's two largest economies.

Cutting the auto tariffs to 15% would reinstitute a move that China had made back in August, when Beijing cut duties on imported cars from 25% to 15%. China's decision came amid a period of heightening tensions between the USA and China over trade and intellectual property issues. The U.S. Trade Representative's office did not immediately respond to a query about the call, according to Reuters.

In a tweet, Mr Trump said the two sides were having "very productive conversations".

Most of the major auto manufacturers in the U.S. are unaware of the lower tariff rule on imported cars to China.

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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