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. It may actually matter more to foreign automakers with factories in the USA than for Ford and General Motors (GM).
China's methods of non-traditional espionage, including their use of ordinary Chinese expatriates instead of spies at universities and businesses, and intellectual property theft, were explained by the officials from the Federal Bureau of Investigation and Departments of Justice and Homeland Security who briefed United States lawmakers on Wednesday, CNN reported.
Both Ford (F) and General Motors have joint ventures set up in China and manufacture cars there for that market.
American farmers, especially soybean farmers, have been hit hard by China's retaliatory tariffs.
The U.S. and China also made progress on the regulation of fentanyl, which is 50 times more powerful than heroin.
A proposal has been made to China's cabinet to eliminate the 25 per cent surcharge the country slapped onto us -made vehicles earlier this year.
Skepticism also remains over the impact on the soybean market, as the imports are likely to be made by state-owned enterprises while Chinese commercial buyers that typically buy more are still hampered by tariffs.
India lose Ashwin, Sharma to injuries for 2nd Australia test
The outer wall is a melange of chocolate brown shades interspersed with streaks of glass and the roof sports a creamy white hue. AUSTRALIA coach Justin Langer has confirmed captain Tim Paine is certain to play the second test against India in Perth .
A Trump administration official earlier told Reuters that China's plan to cut vehicle tariffs was outlined in a phone call between Chinese Vice Premier Liu He, U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin.
Soybeans got an early boost after Trump said China was back in the market buying US beans.
Last July, Beijing raised tariffs of up to 40 percent on imported cars, forcing carmakers to increase the prices on vehicles sent to China for the year.
After months of disagreements over trade, US President Trump and Chinese President Xi Jinping made a deal to stop new tariffs during their meeting in Argentina. The United States has a long list of complaints against China on intellectual property, forced technology transfers and industrial subsidies.
ING Bank's Greater China economist Iris Pang, who also estimated export growth for 2019 at 5 per cent, said she was not optimistic the trade war would be resolved next year. The U.S. Trade Representative's office did not immediately respond to a query about the call, according to Reuters.
Also, Trump said he would intervene in a case against a top executive at Huawei Technologies if it would help secure a trade deal. China imported 280,208 vehicles, or 10 percent of total imported cars, from the USA last year, according to China's Passenger Car Association.
BMW, which exports sport utility vehicles from the USA to China, rose as much as 3.3pc to €72.40 in Frankfurt.