Beijing eases back on 'Made in China 2025

14 December, 2018, 09:02 | Author: Frank Williams
  • A Ford Mustang is seen at a dealership in Beijing. ― AFP pic

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. 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.

Agriculture Secretary Sonny Perdue said on December 3 that OMB was deliberating on a second round of trade aid, and that it could be outlined by the end of that week.

China-based music streaming company Tencent Music Entertainment was last up 7.9 per cent in its United States debut.

USA government data has not shown any soybean sales to China since July, when Beijing imposed tariffs on US supplies of the oilseed in retaliation for US duties on Chinese goods.

News of the move, also reported by other media outlets and automotive executives briefed on the talks, boosted automakers' shares and helped lift USA shares more broadly before worries about a US government shutdown prompted a pullback. On Thursday, the U.S. Department of Agriculture disclosed sales of 1.13 million tons to China. The 40% rate is a retaliatory measure in response to U.S. tariffs on Chinese-made goods.

China is the largest buyer of US soy, but has purchased little since Beijing slapped steep tariffs on USA shipments on July 6 in retaliation for duties on Chinese goods.

U.S. President Donald Trump's envoy to Canada says China's rise might have worrying implications for North American workers but she says the U.S. pursuit of a Huawei executive is a separate legal matter.

More news: Global corporate leaders touch down in Udaipur for Ambani wedding

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

Chicago Board of Trade (CBOT) soybeans traded higher on Wednesday morning amid continued optimism on trade talks with China.

He is also facing pressure from financial markets, which have been roiled in recent weeks by concerns over the effects a worsening trade war between the world's two largest economies would have on global growth.

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

Over the next three months, United States and China will negotiate over structural changes of China's policies on other USA products like intellectual property protection, cyber intrusions and theft, services, technology, agriculture, and non-tariff items.

In a tweet, Mr Trump said the two sides were having "very productive conversations". However, now, the proposal submitted to the Chinese cabinet suggests that the tariff be brought down to the standard 15% that other countries exporting cars to China pay.

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

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