Trump says 'very productive' talks with China

China moves on US car tariff cut

China is moving to cut import tariffs on American-made cars, a step which was brandished by President Donald Trump as a concession won during trade talks in Argentina, Bloomberg News reported on Tuesday citing people familiar with the matter.A proposal to reduce tariffs on cars made in the U.S. to 15 percent from the current 40 percent has been submitted to China's Cabinet to be reviewed in the coming days, according to the report. (https://bloom.bg/2rwRQTT)Beijing raised tariffs on U.S. auto imports to 40 percent in July, forcing many carmakers to hike prices."China has agreed to reduce and remove tariffs on cars coming into China from the U.S. Currently the tariff is 40%," Trump had tweeted last week. Oil prices up as US, China restart trade talks

Trade war optimism lifts European shares

European shares opened higher on Tuesday as a fresh whiff of optimism over the Sino-U.S. trade dispute lifted sentiment after a burst of political risk and worries about global growth hit world markets during the previous session.The Euro zone STOXXE index was up 0.7 percent at 0838 GMT with Germany's DAX, the most sensitive to China due to its big exporters, up 0.8 percent.Earlier, Asian shares got a bounce after reports that Chinese and U.S. trade officials spoke by phone, a sign that discussions between the world's top two economies continue even after the arrest of Huawei's CFO."Remember this isn't the first time these backroom negotiations have dangled a carrot in front of the markets," said Oanda trader Stephen Innes."And while I view this development as a positively significant in the broader context, a trade war is far from over, and these are little more than a preliminary step in what should be a long and winding road fraught with peril," he added.France's CAC 40 was up 0.8 percent after French president Emmanuel Macron pledged late on Monday to raise the minimum wage and cut taxes in a bid to prevent more violent protests that have rocked the euro zone's second largest economy.Britain's FTSE 100 was up 0.5 percent with the pound stabilising after Monday's Brexit-related slide to 20-month lows after Prime Minister Theresa May postponed a key vote on how Britain will leave the European Union.Among top performers was British advertising giant WPP , which rose 4.9 percent after announcing plans to spend 300 million pounds and cut 2,500 jobs - part of new boss Mark Read's plans to return the world's biggest advertising group to growth.Shares in Ashtead jumped 6.4 percent as the equipment rental firm said it expected full-year results ahead of expectations. Merkel hails adoption of UN migration pactNew leader nets German conservatives a 3-point poll gainEuropean stocks tumble as investors shun risk, BASF hit by profit warning

China, US discuss next stage of trade talks

China and the United States discussed the road map for the next stage of their trade talks on Tuesday, during a telephone call between Vice Premier Liu He and U.S. Treasury Secretary Steven Mnuchin and Trade Representative Robert Lighthizer.This month in Argentina, U.S. President Donald Trump and Chinese President Xi Jinping agreed to a truce that delayed the planned Jan. 1 U.S. increase of tariffs to 25 percent from 10 percent on $200 billion worth of Chinese goods.Lighthizer said on Sunday that unless U.S.-China trade talks wrap up successfully by March 1, new tariffs will be imposed, clarifying there is a "hard deadline" after a week of seeming confusion among Trump and his advisers.China's commerce ministry, in a brief statement, said Liu had spoken to Mnuchin and Lighthizer on Tuesday morning, Beijing time, on a pre-arranged telephone call.China court bans sales of older iPhone models in Apple-Qualcomm global battle"Both sides exchanged views on putting into effect the consensus reached by the two countries' leaders at their meeting, and pushing forward the timetable and roadmap for the next stage of economic and trade consultations work," the ministry said.It did not elaborate.A U.S. Treasury spokesman confirmed that the call with Liu took place, but offered no further details. The U.S. Trade Representative's office did not immediately respond to a query about the call.The Harvard-education Liu, Xi's top economic advisor, is leading the talks on the Chinese side.In comments reported separately by state television on Tuesday, the Chinese government's top diplomat, State Councillor Wang Yi, said if China and the United States cooperated, it would benefit the whole world.Huawei exec remains behind bars in Canada"If China and the United States are antagonistic, then there are no winners, and it will hurt the whole world," the television channel cited him as saying.Global markets are jittery about a growing clash between the world's two largest economic powers over China's huge trade surplus with the United States and Washington's claims that Beijing is stealing intellectual property and technology.The arrest of a top executive at China's Huawei Technologies Co Ltd has also roiled global markets amid fears that it could further inflame the China-U.S. trade row.

China court bans sales of older iPhone models in Apple-Qualcomm global battle

A Chinese court has ordered a sales ban of some older Apple Inc iPhone models in China for violating two patents of chipmaker Qualcomm Inc, though intellectual property lawyers said enforcement of the ban was likely still a distant threat.The case, brought by Qualcomm, is part of a global patent dispute between the two U.S. companies that includes dozens of lawsuits. It creates uncertainty over Apple's business in one of its biggest markets at a time when concerns over waning demand for new iPhones are battering its shares.Apple said on Monday that all of its phone models remained on sale in mainland China and that it had filed a request for reconsideration with the court, the first step in a long appeal process that could end up at China's Supreme Court."It's incredibly unlikely, I'd say almost impossible (that Apple would have to stop sales)," said a Beijing-based IP lawyer who is not directly connected with the Qualcomm case but has worked with large U.S. tech firms.Apple assembler Foxconn considering iPhone factory in Vietnam"In all likelihood it will drag on for some time. It's worth keeping in mind that this is just one battle in a larger rift", he said, referring to the legal fight between Qualcomm and Apple that stretches from European courts to South Korea.Qualcomm said in a statement the Fuzhou Intermediate People's Court in China found Apple infringed two patents held by the chipmaker and ordered an immediate ban on sales of older iPhone models, from the 6S through the X.Apple said the trio of new models released in September were not part of the case."Qualcomm's effort to ban our products is another desperate move by a company whose illegal practices are under investigation by regulators around the world," Apple said.Amazon to allow Apple Music on its Echo speakersReuters couldn't immediately reach the court for comment.China, Hong Kong and Taiwan are Apple's third-largest market, accounting for about one-fifth of Apple's $265.6 billion in sales in its most recent fiscal year.Qualcomm, the biggest supplier of chips for mobile phones, filed its case in China in late 2017, arguing that Apple infringed patents on features related to resizing photographs and managing apps on a touch screen.US Supreme Court weighs antitrust dispute over Apple App StoreCOURT BATTLE OVER DETAILSIn July, the same court banned the import of some microchips by Micron Technology Inc into China, citing violation of patents held by Taiwan's United Microelectronics Corp (UMC) .In the provincial Chinese court, which is separate from China's specialized intellectual property courts in Beijing, one party can request a ban on an opponent's product without the opponent getting a chance to present a defense.IP lawyers said that an appeal process could take the case up to the Fujian provincial high court and then go as far as the Supreme Court in Beijing, a process that would likely take many months given the high-profile nature of the case.To enforce the ban, Qualcomm separately will have to file complaints in what is known as an enforcement tribunal, where Apple will also have a chance to appeal.Yiqiang Li, a patent lawyer at Faegre Baker Daniels, said the Chinese injunction could put pressure on Apple to reach a global settlement with Qualcomm.Apple shares rose less than 1 percent to $169.60, recovering from an early drop when it became clear phones were still on sale, and Qualcomm stock rose 2.2 percent to $57.24.TRADE WAR IMPACT?The ruling comes as Beijing and Washington are locked in a tense trade dispute. The two sides have agreed to trade negotiations that must be concluded by March 1.While IP lawyers said the case wasn't directly political, most agreed it could be drawn into broader Sino-U.S. trade tensions, where technology and IP have been a core focus.The specific iPhone models affected by the preliminary ruling in China are the iPhone 6S, iPhone 6S Plus, iPhone 7, iPhone 7 Plus, iPhone 8, iPhone 8 Plus and iPhone X.Erick Robinson, a patent lawyer in Beijing and former Qualcomm lawyer, said that while Chinese courts had become fairer in recent years, nationalism could sometimes be a factor in rulings.Qualcomm is a key technology vendor to China's rising smart phone brands such as Xiaomi Corp, Oppo, Vivo and OnePlus, while Apple competes directly against Huawei Technologies Co Ltd, China's top homegrown maker of premium-priced smartphones, whose CFO was arrested this month for allegedly violating U.S. sanctions."There is probably a political play here. Apple is a direct competitor to the biggest companies in China, whereas Qualcomm is a supplier," Robinson said.Qualcomm officials said tensions between the two nations had no bearing on the ruling. The company has had its share of troubles in China, from an unfavorable 2014 antitrust ruling to regulatory limbo that doomed its $44 billion bid for Dutch chipmaker NXP Semiconductors.