Auto Stocks Go Up After China Considering Easing Import Tariffs

German automakers are likely to be big beneficiaries of Beijing's pledge to cut tariffs on auto imports from the US

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

Foreign Minister Wang Yi said Tuesday that Beijing will "spare no effort" to protect against "any bullying that infringes the legitimate rights and interests of Chinese citizens".

US vehicle manufacturers that were deeply affected by the US-China trade war will see their profits gain steam.

The soybean purchases by Chinese state-owned companies, valued at more than US$500 million, would do little to reduce the US$43.1 billion USA trade deficit with China, which Trump wants to narrow over the long term.

"We are seeing danger slant balancing out a bit", said Societe Generale strategist Alvin Tan.

Trump told Reuters in an interview that the Chinese government was "back in the market" to buy soybeans after a December 1 truce in the U.S.

The U.S. and China also made progress on the regulation of fentanyl, which is 50 times more powerful than heroin.

Equities trading has been especially choppy in the past few days amid headlines on topics ranging from China trade and a potential USA government shutdown to Brexit uncertainty.

US President Donald Trump, in an interview with Reuters, said trade talks were under way with China.

In July, China had boosted the tariff on American-made cars to 40pc as part of retaliatory measures against the US.

USA officials insist that the American economy is more resilient to the tumult than China's, but they remain anxious of the economic effects of a prolonged showdown - as Trump has made economic growth the benchmark by which he wants his administration judged.

This move shows a willingness to negotiate with the U.S. and could spell a cessation to the expensive and problematic trade war between the world's two largest economies.

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 United States worth of Chinese goods.

The US has a long list of complaints against China on intellectual property, forced technology transfers and industrial subsidies. U.S., China Officials to Hold Talks to Reduce Trade, Military Tensions.

"While traders have responded positively to comments from China providing a semi-road map going forward, they are waiting for something concrete". One export trader with direct knowledge of the latest deals said Chinese state-owned firms bought at least 12 USA soybean cargoes for shipment between January and March.

US farmers stored soybeans after the fall harvest, instead of selling them to grain traders and processors, because of low prices and lack of alternative buyers.

Daimler also exports its vehicles from the U.S. to China and it saw its shares go up by 2.7% in trading. The country uses the beans as feed for the large number of hogs in China and had been relying on producers like Brazil and Argentina to meet the shortfall.

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