Published: Fri, December 14, 2018
Markets | By Erika Turner

China, US begin talks to sort out trade differences

China, US begin talks to sort out trade differences

President Donald Trump said on Tuesday that China was buying a "tremendous amount" of US soybeans and that trade talks with Beijing were already under way by telephone, with more meetings likely among USA and Chinese officials, Trend reports referring to Reuters.

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

One U.S. trader with direct knowledge of the deals said Chinese state-owned firms bought at least 12 cargoes for shipment from January to March. Dreyfus did not immediately respond to requests for comment.

Members of US and Chinese administrations took up the subject of trade Tuesday morning, setting up a road map on how to move on to the next stage.

The Trump administration has been trying to negotiate a trade deal on automobiles, agricultural purchases and other issues, even while pledging to keep fighting what it says are intensive ongoing Chinese efforts to steal U.S. intellectual property.

Stock markets aroused on Wednesday as U.S. President Donald Trump sounded energetic about an economic agreement with China, while sterling rose off multi month lows as Prime Minister Theresa May promised to battle a test to her initiative.

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

"Whatever's good for this country, I would do", Mr Trump said, adding that trade talks with Beijing are under way via telephone and more meetings between United States and Chinese officials are likely to follow.

Lighthizer said on Sunday that unless U.S.

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USA farmers welcomed the deals.

China retaliated with penalties on $110 billion of American goods but is running out of imports for retaliation due to their lopsided trade balance.

The lack of sales has left U.S. farmers in a rough spot.

Trump additionally said he would intercede in the Justice Department's body of evidence against a best official at China's Huawei Technologies in the event that it would serve national security interests or help let the big dog eat.

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

Financial markets have alternatively recovered and slumped on each new hint of progress or increased tensions between the world's largest economies.

"From our point of view, what we must do is hold fast, stay tough, and focus on a prize", U.S. trade advisor Peter Navarro said on the Fox Business television network.

Of China's $51bn of vehicle imports in 2017, about $13.5bn came from North America, including sales of models made there by non-US manufacturers like BMW. This article is strictly for informational purposes only.

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