China, U.S. discuss next stage of trade talks

China, U.S. discuss next stage of trade talks

And Beijing agreed to reconsider a takeover by US chipmaker Qualcomm that it had previously blocked.

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. "It looks like we're back in business now", the second trader said. The U.S.is now imposing a 10 percent duty on imported aluminum and a 25 percent duty on imported steel.

Chinese vehicle dealers also perked up their shares, hoping that the temporary US-China treaty will help improve the domestic market.

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

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.

In a long-sought concession to the U.S., China agreed to label fentanyl, the deadly synthetic opioid responsible for tens of thousands of American drug deaths annually, as a controlled substance. If they can't, the higher USA tariffs will go into effect on the $200 billion in Chinese imports.

Chinese state-run firms China Grain Reserves Corp (中國儲蓄糧管理總公司) and China National Cereals, Oils and Foodstuffs Corp (中糧集團) bought the soybeans, one European trader said.

"China has revealed two cards by lowering import tariffs on cars and buying American soy beans, but [US president Donald] Trump has yet to do so", she said.

Winter storm causes icy roads across swath of South
A major winter storm is threatening to deliver snow, ice and flooding across much of the United States over the next few days. Authorities have responded to hundreds of traffic accidents as a winter storm dumps snow and ice on parts of the Southeast.

China, led by President Xi Jinping, has been accused of engaging in unfair trade practices.

Auto sales in the world's second-biggest economy declined for a sixth consecutive month in November, bringing the market closer to its first annual drop in at least two decades.

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

The tariff on American-made vehicles is the mainstay of China's response to a trade dispute that had been initiated by US President Donald Trump as part of his attempts to re-set trade relations with the Asian giant and increase manufacturing in his own country.

Even if talks can stop the trade war, at least for now, farmers are trying to diversify away from China, according to a Wall Street Journal report. China's decision came amid a period of heightening tensions between the USA and China over trade and intellectual property issues.

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

The development bodes well for Ford Motor Company and BMW, which export luxury vehicles made from the United States to China.

Trump in late May had announced tariffs on steel and aluminum imports, prompting retaliation from top trading partners like China that spilled into agriculture markets.

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