Trump administration seeks China to cut tariffs on autos, financials, chips

Vastavam web: Top Trump administration officials are asking China to cut tariffs on imported cars, allow foreign majority ownership of financial services firms and buy more U.S.-made semiconductors in negotiations to avoid plans to slap tariffs on a host of Chinese goods and a potential trade war.A person familiar with the discussions said these were among the asks from Treasury Secretary Steven Mnuchin and U.S. Trade Representative Robert Lighthizer as they pursue talks with Beijing.

White House trade adviser Peter Navarro confirmed that President Donald Trump asked Mnuchin and Lighthizer to try to resolve trade differences with China.“We’re hopeful there that China will work with us to basically address some of these practices,” Navarro told CNBC television.The Dow Jones Industrial Average .DJI posted its third biggest point gain ever, rising 669.4 points, or 2.8 percent, to close at 24,202.6 while the broader S&P 500 .SPX rose 2.7 percent after a nearly 6 percent drop last week.

Chinese Premier Li Keqiang earlier on Monday said that China and the United States should maintain negotiations and repeated pledges to ease access for American businesses to China’s markets.Li told a conference that included global chief executives that China would treat foreign and domestic firms equally, would not force foreign firms to transfer technology and would strengthen intellectual property rights, repeating promises that have failed to placate Washington.