China, US discuss plans for trade talks

Traders work on the floor of the New York Stock Exchange in New York US Dec. 11 2018. Brendan McDermid Reuters

Strong weekly US export sales add support.

But traders in Chicago said they have seen no evidence of a resumption of such purchases following China's imposition of a 25 percent tariff on US soybeans in July.

A Canadian court released Meng on bail Tuesday, pending further proceedings on USA efforts to extradite her. Trump separately told Reuters that he would consider intervening in the Huawei case if it served national security and helped with a China trade deal.

Trump in an interview to Reuters 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.

USA media reported that China plans to roll back tariffs on U.S. auto imports from 40 percent to 15 percent.

"It looks like we're back in business now", the second trader said.

Ross told CNBC the moves by Beijing will "prove that President (Donald) Trump was right when he announced his summary of the talks" held recently with China's President Xi Jinping.

He said the U.S. wants China to buy more from the United States, but "much more importantly are the structural issues" including forced transfer and theft of American technology, "cyber intrusions", and "state directed investment". "Watch for some important announcements!" he added.

She is now awaiting extradition to the US but has reportedly just been released on bail.

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While reversing the tariffs on American made imported vehicles is a huge step down for the Chinese, it would, in fact, help ease trade tensions between the two countries and help facilitate a truce.

Following are US trade expectations for the opening of grain and soy complex trading at the Chicago Board of Trade at 8:30 a.m. CST (1430 GMT) on Thursday.

The White House this week delayed additional payments from a $12 billion aid package for farmers stung by the trade war because it expected Beijing to resume buying USA soybeans.

Less than two weeks after the Trump administration declared a 90 day armistice in the trade war with China, the White House is preparing to condemn China for hacking and IP theft, with the Department of Justice readying indictments against several Chinese hackers.

The purchases are worth at least $180 million and are the first since Trump and Xi agreed to a truce.

On Tuesday afternoon, US time, Trump curiously tweeted "Very productive conversations going on with China!"

According to the report by Bloomberg, auto stocks went up after news broke that the steep tariffs that the Chinese government had placed on imported United States vehicles may possibly be relaxed. "And maybe a meeting of the top people on both sides", he said.

Ross said Beijing's offer would help German auto manufacturers in particular as they produced vehicles for the Chinese market at U.S. auto plants.

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