China Could Cut Tariffs On U.S.-Made Vehicles

China, US discuss plans for trade talks

China, US discuss plans for trade talks

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.

The world's two largest economies are finally playing nice, starting first with soybeans.

"I've heard rumors that they're going to buy our beans and put them in reserve, but I don't see ships sitting in our ports to haul them to China yet", said John Heisdorffer, an Iowa soybean grower and chairman of the American Soybean Association, on Wednesday.

In an interview with Reuters, Trump said talks were taking place with Beijing by phone and he would not raise tariffs on Chinese imports until he was sure about a deal.

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.

Trump reportedly said "If I think it's good for what will be certainly the largest trade deal ever made - which is a very important thing - what's good for national security - I would certainly intervene if I thought it was necessary".

China's tariffs on USA soybeans had caused exports to dive and wrecked many American farmers.

China and the United States are set to take action against each other as tensions escalate over trade, cyber hacking and espionage as senior American law enforcement officials identified Beijing as the most serious threat to Washington's national security, officials said. "Watch for some important announcements!" he added.

Benchmark soybean futures on the Chicago Board of Trade on Wednesday hit their highest level since midsummer.

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The US Department of Agriculture reported export sales of US wheat in the week to December 6 at 754,000 tonnes, near the high end of trade expectations for 500,000 to 800,000 tonnes.

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Still, U.S. equities finished well off their session highs and traders were not convinced the market was ready for a sustained move upward after two-straight days of gains.

US President Trump's social media post does not include further details regarding the deal he made with Chinese President Xi Jinping.

China on Wednesday made its first major purchases of US soybeans since President Donald Trump and his Chinese counterpart Xi Jinping struck a trade war truce earlier this month, providing some relief to USA farmers who have struggled to find buyers for their record-large harvest.

China's commerce ministry, in a brief statement, said Liu had spoken to Mnuchin and Lighthizer on Tuesday morning, Beijing time, on a pre-arranged telephone call.

"From our point of view, what we must do is hold fast, stay tough, and focus on a prize", U.S. trade advisor Peter Navarro said on the Fox Business television network. Both Chinese and American trade officials say that there is indeed dialog between the two nations to reach a compromise.

Trump did not offer any timetable for further face-to-face meetings among USA and Chinese officials, Reuters said.

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