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BEIJING (AP) — The prospects for a preliminary breakthrough in the U.S.-China trade war improved Thursday after the two sides agreed to reduce some punitive tariffs on each other's goods, though the full extent of the rollback wasn't clear.A Chinese spokesman announced the development Thursday as talks on ending the trade war progressed, and it triggered a rally in U.S. stock markets.A U.S. private sector analyst with knowledge of the talks said there are still deliberations in the White House about how far to roll back the duties and what steps China must take before the reductions would occur. The analyst spoke on condition of anonymity because he wasn't authorized to discuss the talks publicly.The ongoing talks are aimed at working out details of a "Phase 1" deal that was announced Oct. 12. Financial markets had been rattled by reports that China was pushing for tariffs to be lifted, which posed the prospect of a breakdown in talks.Negotiators agreed to a "phased cancellation" of tariff hikes if talks progress, said a Chinese Commerce Ministry spokesman, Gao Feng, early Thursday."If the two sides achieve a 'Phase 1' agreement, then based on the content of that agreement, tariffs already increased should be canceled at the same time and by the same rate," Gao said at a news briefing.As for the size of reductions, Gao said that would depend on the agreement."We can be cautiously optimistic here," said Mary Lovely, a trade economist at the Peterson Institute for International Economics in Washington. "The signals that are coming out are moving in the right direction for a deal."The two sides are aiming to finalize the agreement by the end of next week, the private sector official said. President Donald Trump and China's President Xi Jinping would still need to agree on where and when they would formally sign the pact.As part of the agreement, the Trump administration would withdraw threatened tariffs that it planned to impose Dec. 15 on about 0 billion in Chinese imports, the source said. Those duties would cover smartphones, laptops and other consumer goods.Still unresolved is whether and how much to reverse the tariffs that were imposed Sept. 1 on 2 billion of Chinese imports, the private sector analyst said."The White House never speaks with one voice," Lovely said.On Wall Street, stocks closed at new highs in the wake of the encouraging report from Beijing but shed some of their earlier gains after reports emerged of dissension within the White House over the idea of lifting tariffs. The Dow Jones Industrial Average rose 182 points to a record 27,675.Governments of the two biggest global economies have raised tariffs on billions of dollars of each other's goods in the fight over China's trade surplus and technology ambitions. That weighs on trade worldwide and threatens to depress corporate earnings and global economic growth, which is already showing signs of slowing.The Oct. 12 agreement was modest, and details have yet to be put on paper, but it was welcomed as a sign of progress toward ending the trade war.Lovely said that the agreement would help U.S. farmers and manufacturers — constituencies important to Trump in the 2020 election."It makes a lot of sense politically and economically for the president to say this is enough," she said.U.S. business groups largely praised the outline of the pact, saying that it would make progress in opening up China's market to foreign investment and to U.S. financial services companies."It's a step in the right direction," said Jake Parker, senior vice president of the U.S.-China Business Council. "It also builds momentum to tackle all the more difficult issues."The trade war has taken a toll on the U.S. economy. The Port of Los Angeles said Thursday that last month it handled 20% less cargo than the same month a year earlier. Exports have fallen for 12 straight months.Businesses have cut back on their spending on industrial machinery and other equipment amid the uncertainty created by the trade war. Those cutbacks have hurt U.S. factories and slowed annual growth to 1.9% in the July-September quarter from 3.1% in the first three months of the year.Trump agreed to postpone a planned tariff hike while lower-level officials hammered out details.Trump said China agreed to buy up to billion of American farm goods. Beijing has yet to confirm the scale of its commitment.China's imports of American soybeans and other goods tumbled 26.4% in the first nine months of this year following tariff hikes and orders to importers to find other suppliers.The Oct. 12 agreement helped to ease financial market jitters, but the two sides have yet to report progress on major disagreements over technology and other irritants following 13 rounds of talks.Trump and Xi were due to meet at this month's gathering of Asia-Pacific leaders in Chile but that event was canceled due to protests there.That dampened hopes a face-to-face meeting might produce progress. But U.S. officials say the two governments are looking for a different location.U.S. Commerce Secretary Wilbur Ross said this week any "Phase 1" agreement would be general and cover trade in specific areas such as soybeans and liquefied natural gas.More complicated issues would be tackled in later negotiations, Ross said. He gave no indication whether rolling back tariffs was a possibility at this stage.___Rugaber reported from Washington. 5430
BONSALL, Calif. (KGTV) -- A man died Monday afternoon after his tractor reportedly flipped over in Bonsall.According to North County firefighters, the incident happened on the 30000 block of Cll La Reina. The man was doing yard work when the John Deer tractor went down a steep hill and started to accelerate before darting off the road, down an embankment and flipping over several times. During the incident, the man was thrown from the tractor. The man was pronounced dead when deputies arrived. The Medical Examiner's office is conducting an investigation. 599
Beginning Monday, you'll be able to order a Whopper directly through Google.According to Business Insider and USA Today, the burger giant will allow its customers to order pickup or delivery straight from search results on Google. Or they order directly from Google Pay or Google Maps.USA Today reports that the option will be available to more than 5,000 BK locations throughout the US.According to Business Insider, to celebrate the collaboration, Burger King offers customers 20% cashback on their next order of or more via Google Pay. 550
BERKELEY, Calif. (AP) — Berkeley’s first-in-the-nation ban on natural gas in new construction may end up eroding the region’s reputation for fine and creative dining, according to a California trade association suing the city on behalf of restaurants.In its lawsuit filed Thursday in U.S. District Court for Northern California, the California Restaurant Association argues that Berkeley bypassed state and federal regulations when it approved the ban.And while the ban currently applies only to some new construction, the association worries that it could be the start of efforts to outlaw or restrict the use of natural gas in existing structures.The trade group says such a move would harm restaurants that rely on gas “for cooking particular types of food, whether it be flame-seared meats, charred vegetables, or the use of intense heat from a flame under a wok,” according to the lawsuit.“Indeed, restaurants specializing in international foods so prized in the Bay Area will be unable to prepare many of their specialties without natural gas,” the lawsuit states.Berkeley approved its legislation in July to cheers from environmentalists. It goes into effect Jan. 1. Other cities are considering similar legislation to go electric to fight global warming.Professional chef Robert W. Phillips said in a statement issued by the association that the ban will slow the cooking process and reduce a chef’s control over heat.“It’s like taking paint away from a painter and asking them to create a masterpiece,” he said.Berkeley City Attorney Farimah Faiz Brown said the office is confident the ordinance complies with relevant law and will defend it against the lawsuit.The restaurant trade group also said it Is irresponsible to ban natural gas given the massive electrical outages intended to ease the risk of wildfires.Businesses and residents have been kept in the dark for days. 1892
BUFFALO, N.Y. — Canadian Prime Minister Justin Trudeau has extended the border closure between the United States and Canada for non-essential travel.The closure which would have expired on Dec. 21 has been extended another 30 days until January 21, 2021. 262