China Suspends Tariff Hikes on $126B of U.S. Cars, Auto Parts
BEIJING (AP) – China has announced a 90-day suspension of tariff hikes on $126 billion of U.S. cars, trucks and auto parts following its trade ceasefire with Washington. The suspension follows President Donald Trump’s agreement to postpone planned U.S. tariff hikes on Chinese imports for 90 days while the two sides negotiate over American complaints about Beijing’s technology policy and trade surplus. The Chinese tax agency said the suspension takes effect Jan. 1.
GM Says It Has 2,700 Jobs for Workers Slated to Be Laid Off
DETROIT (AP) – The General Motors’ massive 14,000-person layoff announced last month might not be as bad as originally projected. The company said Friday that 2,700 out of the 3,300 factory jobs slated for elimination will now be saved by adding jobs at other U.S. factories. Blue-collar workers in many cities will still lose jobs when GM shutters four U.S. factories next year. But most could find employment at other GM plants. Some would have to relocate.
Detentions Raise Fears, Cast Doubt on China’s Policies
WASHINGTON (AP) – By detaining two Canadians in an apparent act of retribution, China is making itself look like the country its harshest critics say it is: one unbound by the laws, rules and procedures that govern other major industrial nations. Canada’s arrest of a top Chinese technology executive at the request of the United States has set off a diplomatic furor with Beijing.
U.S. Industrial Production Climbed 0.6 Percent in November
WASHINGTON (AP) – U.S. industrial production climbed 0.6 percent on surging output at mines and utilities. But manufacturing production was flat. The Federal Reserve says that utility output rose 3.3 percent as power companies were busier because of unusually cold weather. Mining output rose 1.7 percent on higher production at coal mines and oil and gas drillers.