China takes tough line in talks with US

China takes tough line in talks with US

BEIJING

China showed its growing assertiveness Monday as it launched high-level talks with Washington, saying it will carry out currency reform at its own pace and calling for an end to U.S. curbs on high-tech exports.

Beijing also called on Washington to simplify foreign investment rules that it says are hampering Chinese companies and defended a policy to promote domestic technology that its trading partners say might hurt foreign companies.

At an opening ceremony for the strategic talks, President Hu Jintao promised changes in exchange rate controls that Washington and others say keep China’s yuan undervalued and distort trade. But he gave no indication when it might happen.

Toyota stops sales of Lexus sedan

NEW YORK

Toyota Motor Corp. has stopped sales of the Lexus LS sedan for about three weeks while it works to get parts to dealers to fix a problem with the vehicle’s steering system, a spokesman said Monday.

Toyota on Friday recalled about 3,800 2009 and 2010 LS 460 and LS 600h sedans in the U.S. to fix a problem in which the steering wheel briefly shifts out of alignment with the wheels when it is turned to the extreme right or left and then quickly re-centered, such as in a tight U-turn.

Toyota said it will remedy the problem by replacing the computer processor in the vehicle’s variable gear-ratio steering system.

Demand for gas not rising despite prices

Although gasoline prices are dropping ahead of the Memorial Day weekend and the start of the summer driving season, there’s no sign motorists are rushing back to the pump to top off their tanks.

Data released Monday by the Federal Highway Administration show the number of miles driven on U.S. roads rose in March compared with February but still was below March 2009, in the depths of the recession.

There is no sign of anything more than a modest increase in demand for gasoline so far this year.

Last week’s MasterCard SpendingPulse report showed consumption of gasoline for the first two weeks of May running about 1.3 percent ahead of last year.

For the year, consumption has risen about 1 percent.

Demand is 4 percent below 2007 levels, according to the MasterCard data.

From wire reports