Shares of U.S. automakers surged Tuesday after Bloomberg News reported that China’s Cabinet will review a proposal to cut tariffs on U.S. cars to 15 percent from 40 percent, bringing the U.S. in line with what other countries pay, according to people familiar with the matter. President Donald Trump tweeted that “very productive conversations” are taking place with the Chinese, predicting “important announcements” to come. China intends to resume purchases of American soybeans soon, with officials considering buying between 5 million and 8 million tons, according to government officials.China’s plans on cars and soybeans would only reverse moves it made in retaliation against U.S. tariffs, rather than removing barriers that existed before the trade war.Chinese Vice Premier Liu He, U.S. Treasury Secretary Steven Mnuchin and Trade Representative Robert Lighthizer spoke by phone Tuesday morning Beijing time, exchanging views on the road map for negotiations.
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