US soybean farmers win big from US-China trade war truce
14 December, 2018, 09:01 | Author: Corey Lynch
Brent futures added another 65 cents to $60.85, while US crude rose 60 cents to $52.25 a barrel. 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.
On Tuesday, Asian equities struggled again despite a bounce in NY as investors fret over a ideal storm of issues, including fears that the arrest of Meng Wanzhou, Huawei's chief financial officer, in Canada could further inflame the China-US trade row.
Trump approved tariff hikes of 25 percent on $50 billion of Chinese goods and 10 percent on another $200 billion of imports in response to complaints Beijing steals or pressures companies to hand over technology. The company has been working with Shanghai's government on establishing a factory to assemble cars in China.
American farmers, especially soybean farmers, have been hit hard by China's retaliatory tariffs.
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. The German company BMW AG also exports its sports utility vehicles to China from the U.S., and it saw its shares go up by 1.8%.
But by far the largest number of US -made cars shipped to China bear German names.
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.
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 started canceling USA soybean orders and added a 25% tariffs, which cut imports of US soybeans by 80%.
The talks began after Trump met with Chinese leader Xi Jinping in Buenos Aires on December 1.
In May, after talks in Washington, the USA agreed to hold off on tariff threats, while China said it would reduce the import duty on foreign cars from 25% to 15%.
This month in Argentina, U.S. President Donald Trump and Chinese President Xi Jinping agreed to a truce that delayed the planned January 1 U.S. increase of tariffs to 25 per cent from 10 per cent on $200 billion USA worth of Chinese goods. China's decision came amid a period of heightening tensions between the USA and China over trade and intellectual property issues.
Also, Trump said he would intervene in a case against a top executive at Huawei Technologies if it would help secure a trade deal. While China has been playing down "Made in China 2025" since tensions flared, it has been pushing ahead undaunted with its state-driven industrial policies, Lighthizer's office said in a report last month.
China reportedly bought more than 500,000 tons of USA soybeans, worth around $US180 million.
National Football League team owners approved the Raiders move from California to Las Vegas by a 31-1 vote in March a year ago . The Raiders did not immediately respond to the city's lawsuit announcement.
What ensued was like a political cage match, with everyone except Pence jumping in with ripostes, setups, lectures and insults. The account was described by an aide who was in the room but not authorized to discuss Pelosi's remarks publicly.
"We have been discussing the issue of pardons the president may offer to people or dangle in front of people", Schiff said. Also on Friday, prosecutors accused Trump's onetime campaign manager Paul Manafort of multiple "lies" to investigators.
Now that he's moving to the regulatory side, Das may even have to resist some of the ideas he supported when in government. I don't know whether the government-RBI relationship is blocked, but I feel stakeholder consultations have to go on.
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He has many detractors within the White House, where some people consider him brash and presumptuous. In his year-plus time as chief, Kelly has fought with just about everyone except for the president.
The Alameda County Sheriff's department posted a photo on Twitter and said the man was stuck in the vent for about two days. A man became trapped inside the grease vent of a Chinese restaurant and was stuck there for two days.
The network temporarily went to taped programming for about half hour before going live from the street while police investigated. An unidentified law enforcement official said the caller had indicated there were five explosive devices in the building.
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