White House trade advisor vows 'tough' talks with China

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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. General Motors sees their shares jump up to more than 4 percent in premarket trading, while both Ford Motor Company and Tesla rise up to 3 percent.

On the day of the trade ceasefire, US-China relations took an unexpected turn with the high-profile arrest of Huawei Technologies chief financial officer Sabrina Meng Wanzhou in Canada.

Trump agreed to suspend plans to raise tariffs on $200 billion worth of Chinese products from 10 percent to 25 percent in order to pave the way for trade talks with Beijing, but warned that if the negotiations do not succeed within three months, the tariffs will be hiked as planned.

Currently, the tariff imposed by China on cars and other vehicles stands at 40%.

USA exports of cars and light trucks to China were worth $9.5 billion in 2017 and have dropped off significantly since China imposed its retaliatory tariffs over the summer that gave exporters in Europe and Japan a significant advantage. China's economy czar and the U.S. Treasury secretary discussed plans for talks on a tariff battle, the government said Tuesday, Dec. 11, 2018.

China previous year purchased about 60 percent of USA soybean exports in deals valued at more than $12 billion.

US soybean farmers had long seen China as a favorite destination-for their crops.

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We reported last week on Donald Trump's tweet that China would be slashing its tariffs on US-built vehicles, though at the time neither United States nor Chinese officials would confirm it, so we remained somewhat dubious on the subject.

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

The sources said the White House was delaying its approval mainly on hopes China will soon resume purchases of soybeans, something that has raised questions over what extent of aid will be necessary.

Growing concerns that the trade war will increasingly hurt corporate earnings and the us economy are a key reason why USA stock prices have been sinking this fall. The United States has a long list of complaints against China on intellectual property, forced technology transfers and industrial subsidies.

In a tweet, Mr Trump said the two sides were having "very productive conversations".

Last year, BMW exported 65,000 vehicles to China from its factory in Spartanburg, South Carolina, which is BMW's largest factory in the world.

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