Hong Kong exports up 1.7 pct in February
China could be attempting to mend fences with the United States despite its opposition to new USA tariffs against $60 billion of Chinese goods. The talks covering broad areas, including financial services and production, are chaired by Liu He, China's top economic adviser, and US Secretary of State Steven Mnuchin and US Secretary of State Robert Lighthizer. China's ministry of commerce accused the USA of "creating a serious precedent" and imposed sanctions on U.S. goods worth 3 billion United States dollars, including fruit, pork, recycled aluminum and steel pipes, and the ministry said these measures were a direct response to new US tariffs Chinese steel and aluminum.
The Wall Street Journal reported on Monday that the Trump administration wants to increase sales of USA cars and semiconductors in China as part of a plan to cut the bilateral trade deficit with China - estimated to be about $375 billion - by $100 billion.
"The issues between the US and China are not at all related to agriculture", Hays said.
Soybeans, as the largest-traded agricultural commodity from U.S.to China, were not included in the list of 128 commodities released Friday by the Chinese Ministry of Commerce for retaliatory tariffs against the United States.
The U.S. tariffs on steel and aluminium imports have drawn widespread criticism and sparked fears that metals markets elsewhere will be oversupplied after the United States slams its door.
The tariffs proposed by Trump wouldn't go into effect for at least 30 days, a waiting period seen by many observers as an indication that the proposal is largely a negotiating tactic created to force China to the bargaining table to reduce the trade deficit between the two countries.
US firms complain that China uses a variety of tools to force them to transfer technology, including foreign equity restrictions, joint venture requirements and the domestic licensing and product approval system. -China trade uncertainty could dampen synchronized global growth-bad news for business.
FLOUTED RULES: Trump unveiled the planned tariffs targetting Chinese goods after a USA inquiry found China guilty of intellectual property theft and unfair trade practices, by forcing U.S. investors to turn over key technologies to Chinese firms. "Now the ball is in the USA court, and we hope the United States will make its decision cautiously and reasonably".
Sailing-British Volvo Ocean Race crew member lost at sea
Earlier in the race, Scallywag crewman Alex Gough fell overboard during a sail change but he rescued within seven minutes. The wind was a strong 35-knot westerly, with water temperature of nine degrees Celsius at the time of the incident.
Shanghai crude oil futures roar into action
China is the world's biggest oil consumer, with eyes on rival benchmarks Brent and WTI as well as the USA currency. Allowing foreign investors to trade the futures directly is a first for China's commodity markets.
Foxconn Unit To Buy Belkin Intl. For $866 Mln
Meanwhile, Foxconn is investing heavily in Wisconsin, where it plans to build a $10 billion manufacturing facility. The two companies announced the signing of a definitive agreement today.
China purchased $2.6bn of semiconductors from the USA previous year, or 1pc of China's total semiconductor imports, Chinese customs data shows. China's imports of USA -built motor vehicles totaled $10.6 billion in 2017, about 8 percent of the country's overall US imports by value, according to US government data.
It and four other US allies have temporary exemptions from the tariffs.
"Mnuchin called Liu to congratulate him on officially entering his new role", said the spokesman from the US Treasury.
China's government suggests there is a simpler way for the United States to balance its trade deficit with China.
In two filings with the WTO on Monday, China dismissed the U.S. assertion that the metal tariffs were instituted on national security grounds, arguing instead that they were safeguard measures - temporary trade restrictions aimed at protecting domestic producers.
"This could put USA companies such as Apple, Microsoft, Starbucks, GM, Nike, etc in the firing line", Wolf said in a note.
China is heavily dependent on foreign semiconductors, one of its biggest import categories by value.
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