The daily business briefing: March 4, 2019

1. Report: China offers to lower farm, auto tariffs as trade deal nears

China is offering to lower tariffs on U.S. farm, chemical, auto, and other products as part of a trade deal that is nearing completion, according to a new report. The Wall Street Journal reported Sunday that the world's two biggest economies are in the final stage of hammering out the deal. In exchange for China's proposed concessions, the Trump administration would remove most of the levies on Chinese products imposed last year. The pact reportedly could be ready to be signed by President Trump and Chinese leader Xi Jinping at a summit within weeks. Trump has threatened higher tariffs on another $200 billion in Chinese imports if the two sides don't reach a deal.

The Wall Street Journal CNBC

2. Astronauts enter SpaceX-developed Dragon capsule after docking

Two astronauts on Sunday entered the Dragon crew capsule created by SpaceX for NASA after it became the first U.S. spacecraft capable of carrying humans to be launched into orbit since 2011. Earlier Sunday, the Dragon reached a key milestone by docking successfully with the International Space Station. "This is a good day," said Canadian astronaut David Saint-Jacques, who entered the Dragon with fellow astronaut Oleg Artemyev after the docking. "The first day of a new era for the next generation of space explorers." The Dragon carried only a dummy on this flight, but if its mission continues successfully through its return to Earth, it could carry two astronauts into orbit this summer.

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NPR

3. Vale SA temporarily removes CEO after deadly dam collapse

Brazilian mining company Vale SA has temporarily removed CEO Fabio Schvartsman and three other top executives following the collapse of one of the company's mining-waste dams, which killed more than 180 people. Vale said over the weekend that its board of directors on Friday received a recommendation from federal and state prosecutors that the executives be dismissed. Vale said it was removing the executives at their own request. Investors and analysts said the move was risky because it could hurt the company's ability to deal with the crisis. "My worry is that dismissing the top executives leaves the company leaderless or with less experienced leadership and simply adds to the turmoil," said John Tumazos of John Tumazos Very Independent Research.

The Wall Street Journal Reuters

4. Huawei CFO suing Canadian government over her detention

Lawyers for Chinese tech giant Huawei executive Meng Wanzhou said she was suing the Canadian government, its border agency, and the national police force for allegedly detaining, searching, and interrogating her "under the guise of a routine customs" examination, instead of immediately telling her she was under arrest. Canada in December arrested Meng at the request of the U.S., which wants her extradited to face fraud charges linked to her handling of the company's business dealings in Iran. Meng, whose father founded Huawei, is out on bail in Vancouver, awaiting extradition proceedings.

The Associated Press

5. U.S. stock futures gain on hope for China trade deal by late March

U.S. stock index futures rose early Monday after The Wall Street Journal reported that China had offered to lower duties on some U.S. goods as the world's two biggest economies neared a trade deal. Futures for the Dow Jones Industrial Average and the S&P 500 were up by 0.3 percent, while those of the Nasdaq gained 0.5 percent. "Markets expect a deal by the end of March, but the key here will be whether the deal results in the removal of all tariffs," said Tom Essaye, founder of The Sevens Report. "The reports this morning imply that might happen, but it will have to become reality for US-China trade to provide a sustainable positive catalyst for stocks."

CNBC