China imposes preliminary anti-dumping duties of 179 percent on U.S. sorghum

China imposes preliminary anti-dumping duties of 179 percent on U.S. sorghum

Some private sector analysts saw Mr Xi's promise as an attempt to placate Mr Trump, but Chinese officials said the plans had nothing to do with the trade dispute.

"Following a five-year transition period, all ownership restrictions will be lifted", said the announcement by the National Development and Reform Commission.

One vehicle company likely to gain is electric auto giant Tesla led by entrepreneur Elon Musk, who this year had asked US President Donald Trump for help on the market access issue, alluding to the troubles his firm has faced producing in China.

The solid first-quarter performance extended the economic strength of last year, when China's GDP logged 6.9 percent growth, picking up pace for the first time in seven years. "The demand for electric cars is very small in other countries", he said.

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While cranking up the pressure on US farmers, China also announced plans Tuesday to allow full foreign ownership of automakers in five years, ending some restrictions that have helped fuel its trade dispute with Mr. Trump as it promotes electric auto development. It added the liberalization would encourage greater exchanges of capital, technology, management and personnel of Chinese and foreign firms.

Automakers had been waiting for details since President Xi Jinping announced in a speech last week that ownership restrictions would be eased and auto import duties reduced.

The threatened tariffs on a 150 billion worth of Chinese goods, and 50 billion of United States goods, would dent economic growth on both sides of the Pacific, analysts say.

Limits on foreign ownership of electric vehicle producers will be eliminated this year, the Cabinet's planning agency said.

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In addition to the financial and automobile sectors, a string of opening-up policies will cover industries including energy, resources, infrastructure, transportation, logistics and professional services.

The commission said it would also release a new negative list for foreign investment in the first six months of the year, to "substantially relax foreign investment access".

China announced on Tuesday (April 17) temporary anti-dumping measures on USA sorghum, potentially hitting United States growers and exacerbating the brewing trade war between Beijing and Washington.

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