U.S., China Say They Are ‘Close to Finalizing’ Part of a Phase One Trade Deal
U.S. and Chinese officials had telephone discussions on Friday to continue talks on a Phase One Trade Deal. The U.S. announced they are “close to finalizing” some parts of a trade agreement, including “making headways on specific issues.” The Chinese Ministry of Commerce announces on Saturday morning that Beijing confirmed “technical consultations” on some parts of a trade deal were completed.
Despite the lack of details in the announcements, energy markets rose on the positive sentiment. Wholesale diesel prices rose roughly 5 cents per gallon and crude oil benchmarks rose 1 percent for both West Texas Intermediate (WTI) and Brent.
TuSimple Plans to Offer Fully Self-Driving Trucks Within 5 Years
One of the unicorns leading the pack for autonomous heavy-duty trucks, TuSimple, announced they plan to offer Level 5 autonomous trucks within five years. The company has nearly $300 million in funding and backing from UPS to achieve this goal. The company uses a depot-to-depot approach, which means the truck will drive itself the entire trip. Other self-driving truck companies are relying on the truck only taking control during the highway portions of the trip. The company believes the technology will first be successful in port operations and drayage in China, but they are focused on over-the-road trucking in the U.S. TuSimple also announced a demonstration project in 2021 to haul real freight for a shipper partner and show the results publicly. To learn more about Autonomous Trucking see our blog, Understanding The 5 Levels of Autonomous Trucking.
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“On my first day as president, I will sign an executive order that puts a total moratorium on all new fossil fuel leases for drilling offshore and on public lands,” Elizabeth Warren tweeted on Sept. 6. “And I will ban fracking—everywhere.”
American and European oil giants spend a lot of time talking about their differentiated strategies and approaches to hot-button issues such as climate change. But their bottom lines are still primarily driven by the same common factor: commodity prices. That shared reality doesn’t bode well for the companies as they disclose third-quarter earnings this week.
The U.S. military sent fresh forces on Saturday to secure oil fields in eastern Syria, two U.S. officials said, as part of a pivot from a decision earlier this month to pull most American troops out of the country.
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Kansas City Southern (KCS) reported record revenues of $747.7 million, an increase of 7% from third quarter 2018. Overall, carload volumes were flat compared to prior year.
TuSimple is committed to fielding a truly driverless commercial truck, and it has nearly $300 million in funding and a minority stake from UPS to help it get there.
After delaying the production of Tesla Semi by a year, Tesla has now announced that it plans to start production of its electric semi-truck with “limited volumes” in 2020
Top Economic Stories
The European Union agreed to delay Brexit until Jan. 31, increasing the chances of a U.K. election before the end of the year and ending any hope of a departure by Prime Minister Boris Johnson’s promised deadline this week.
U.S. and Chinese officials are “close to finalizing” some parts of a trade agreement after high-level telephone discussions on Friday, the U.S. Trade Representative’s office and China’s Commerce Ministry said, with talks to continue.