May won a vote of confidence in her leadership right as US markets closed for the session. Shares of carmakers including Daimler, Ford and Tesla rose on the news. The arrest had turned out to be another hurdle to the resolution of a Sino-US trade war.
Trump told Reuters in an interview on Tuesday the Chinese were already buying a "tremendous amount" of usa soybeans and would also soon cut tariffs on us autos. The company has been working with Shanghai's government on establishing a factory to assemble cars in China.
This is the first significant purchase since the two countries began imposing tit-for-tat tariffs, with China slapping a 25 percent retaliatory levy on the American oilseed after Trump imposed duties on billions of dollars worth of goods from the Asian country.
China and the U.S. 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.
Beijing plans to replace the "Made in China 2025" initiative with a new one to play down China's bid to dominate manufacturing and will seek to be more open to participation by foreign companies, the Wall Street Journal reported on Wednesday, citing people briefed on the matter.
But by far the largest number of USA -made cars shipped to China bear German names. If they can't, the higher US tariffs will go into effect on the $200 billion in Chinese imports.
US President Donald Trump and Chinese President Xi Jinping agreed to a truce in their escalating trade war during their meeting on the sidelines of the G20 summit in Buenos Aires, Argentina.More news: Surprise, surprise! Meghan Markle was the most Googled person in 2018
Chinese President Xi Jinping's government has taken steps this week to soothe the US, including a plan to cut tariffs on USA cars to 15 percent from 40 percent.
"I just heard today that they're buying tremendous amounts of soybeans".
Chicago Board of Trade (CBOT) soybeans traded higher on Wednesday morning amid continued optimism on trade talks with China.
On Tuesday morning Beijing time, top trade officials from the USA and China spoke telephonically, an indication that the discussion between the two countries is ongoing, despite the tension caused by the Huawei issue. The United States has a long list of complaints against China on intellectual property, forced technology transfers and industrial subsidies.
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. Both Chinese and American trade officials say that there is indeed dialog between the two nations to reach a compromise.
Daimler also exports its vehicles from the U.S. to China and it saw its shares go up by 2.7% in trading. 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.