Chinese companies buy more than $180 million worth of U.S. soybeans

14 December, 2018, 09:03 | Author: Kevin Carter
  • China led by President Xi Jinping has been accused of engaging in unfair trade practices

May won a vote of confidence in her leadership right as USA markets closed for the session. General Motors sees their shares jump up to more than 4 percent in premarket trading, while both Ford Motor Company and Tesla rise up to 3 percent. While there are other factors that have influenced this decline, a major contributor has been the ongoing trade war between China and the US.

Trump told Reuters in an interview on Tuesday the Chinese were already buying a "tremendous amount" of usa soybeans and would also soon cut tariffs on us autos. The US now charges a 27.5pc tax on imported cars from China.

In followed-up talks by phone on Monday, Beijing pledged to lower punitive tariffs on U.S. auto imports, resume purchases of American soybeans, and reform its 10-year economic program to allow more United States investment, according to reports.

China's government says its economic czar and U.S. Treasury secretary Steven Mnuchin have discussed plans for the next round of talks in a tariff battle following a temporary cease-fire. The German company BMW AG also exports its sports utility vehicles to China from the USA, and it saw its shares go up by 1.8%.

Equities trading has been especially choppy in the past few days amid headlines on topics ranging from China trade and a potential US government shutdown to Brexit uncertainty. The 40% rate is a retaliatory measure in response to USA tariffs on Chinese-made goods.

Soybeans got an early boost after Trump said China was back in the market buying USA beans.

A proposal to reduce tariffs on cars made in the U.S. to 15pc from the current 40pc has been submitted to China's Cabinet to be reviewed in the coming days, according to people familiar with the matter.

More news: China slams Canada's 'inhumane' treatment of Huawei CFO

The arrest came the same day presidents Donald Trump and Xi Jinping agreed to a 90-day ceasefire in a tariff war over Beijing's technology policy. "However this approach is making China think twice about their hard stance", said Ernesto Ramos, Managing Director of Active equities for BMO Global Asset Management in Chicago.

The office of the US Trade Representative, which is leading the discussions, did not respond to a BBC request for comment.

China started canceling USA soybean orders and added a 25% tariffs, which cut imports of US soybeans by 80%. The United States has a long list of complaints against China on intellectual property, forced technology transfers and industrial subsidies.

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.

BMW, which exports sport utility vehicles from the U.S. to China, rose as much as 3.3pc to €72.40 in Frankfurt.

Last year, BMW exported 65,000 vehicles to China from its factory in Spartanburg, South Carolina, which is BMW's largest factory in the world.

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