Brazil is prepared in the event China removes tariffs on U.S. soy, which had driven down prices for the oilseed in Chicago and driven up the premiums over U.S. prices paid for Brazilian beans, outgoing Agriculture Minister Blairo Maggi said on Friday.
China has reportedly proposed cutting tariffs on US-made cars to 15%, the same tax levied on car imports from other countries. Bloomberg reported that China's cabinet will review the plans, which would undo the 40% import duty China imposed on US cars this summer.
Chinese officials have said they are confident in implementing trade commitments made to the US as soon as possible, without giving details. An ongoing trade war has seen both countries impose duties on billions of dollars of one another's goods.
US President Donald Trump and his Chinese counterpart Xi Jinping have agreed to halt new trade tariffs for 90 days to allow for talks, the US says. The two men met in Buenos Aires after the G20 summit for their first talks since a trade war erupted this year.
U.S. President Donald Trump is open to reaching a deal on U.S.-China trade irritants over dinner on Saturday with Chinese leader Xi Jinping but is ready to hike tariffs on Chinese imports if there is no breakthrough, White House economic adviser Larry Kudlow said on Tuesday.
United States president Donald Trump and Chinese leader Xi Jinping will meet on Saturday in Argentina on the sidelines of a Group of 20 summit in Buenos Aires, a U.S. media outlet reported on Monday. The two leaders will meet a day after the United States, Mexico and Canada sign a new trilateral trade agreement, the online edition of Inside U.S. Trade said.
The United States and China have in the coming week what may be their last chance to broker a ceasefire in an increasingly dangerous trade war when their presidents meet in Buenos Aires.
Oil prices slumped up to nearly 8% to the lowest in more than a year on Friday, posting the seventh consecutive weekly loss, amid intensifying fears of a supply glut even as major producers consider cutting output. Oil supply, led by U.S. producers, is growing faster than demand and to prevent a build-up of unused fuel such as the one that emerged in 2015, the Organization of the Petroleum Exporting Countries is expected to start trimming output after a meeting on Dec. 6.
One of President Trump's top economic advisers has suggested there could be a case for evicting China from the World Trade Organization (WTO). In a BBC interview, Kevin Hassett chairman of the president's Council of Economic Advisers said China had misbehaved as a member of the WTO. He also claimed that the US had been failed by the organization.
An acrimonious meeting of world leaders in Papua New Guinea failed to agree Sunday on a final communiqué, highlighting widening divisions between global powers China and the U.S. It now seems that the next occasion will be in Buenos Aires in the framework of the G20 leaders summit when presidents Trump and Xi are expected to hold a bilateral meeting.