China, US discuss plans for trade talks

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US stocks closed up on Wednesday afternoon, though well below their session highs as investors pulled back in the last few minutes of trading despite optimism about U.S. 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.

The two sides have exchange punitive tariffs on hundreds of billions of dollars in trade, and prior to the ceasefire Washington had been poised to more than double the rate on $200 billion in Chinese goods starting January 1. The company has been working with Shanghai's government on establishing a factory to assemble cars in China.

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

China and the USA 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.

ING said the Huawei case had made it increasingly obvious that the trade war was about technology as much as anything else, and there were also reports that the United States would release new evidence this week on Chinese hacking and economic espionage. On Thursday, the U.S. Department of Agriculture disclosed sales of 1.13 million tons to China. If they can't, the higher US tariffs will go into effect on the $200 billion in Chinese imports. Following a summit on trade in Buenos Aires earlier this month, Mr Trump jolted global vehicle stocks with a tweet that China agreed to "reduce and remove" tariffs on imported American-made cars, something China did not confirm at the time.

U.S. Commerce Secretary Wilbur Ross said it was clear China has been de-emphasizing the 2025 plan in response to objections from the United States and other countries, "but that doesn't mean they've dropped it".

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.

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Trump is in the midst of delicate negotiations with China after agreeing to a 90-day tariff truce with Xi at a December 1 dinner in Buenos Aires.

"China was buying right out of the gate this morning".

The office of the US Trade Representative, which is leading the discussions, did not respond to a BBC request for comment.

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

German automakers have been getting hit particularly hard from both sides of the worldwide trade war.

China reportedly bought more than 500,000 tons of U.S. soybeans, worth around $US180 million. Soybeans are the single most valuable USA agricultural export and China bought 60 percent of those exports past year, worth US$12.25 billion.