U.S. stock index futures signaled a higher open on Monday after China said it will cut import tariffs on a wide range of goods.

Chairman David Calhoun will become the manufacturer’s new CEO on Jan. 13. Board member Lawrence Kellner will become Boeing’s non-executive chairman of the board, effective immediately.

China will lower tariffs on products ranging from frozen pork and avocado to some types of semiconductors next year as Beijing looks to boost imports amid a slowing economy and a trade war with the United States.

The tariff changes were made to “increase imports of products facing a relative domestic shortage, or foreign specialty goods for everyday consumption,” the ministry said in a statement on its website.

U.S. electric vehicle maker Tesla and a group of China banks have agreed a new 10 billion yuan ($1.4 billion), five-year loan facility for the automaker’s Shanghai car plant, three sources familiar with the matter tell Reuters.

That new loan will be partially used to roll over the previous 3.5 billion yuan debt, according to the first source. The second source said the rest will be used on the factory and Tesla’s China operations.

Tesla broke ground on the factory in January and has started producing vehicles from its Shanghai plant. It aims to build at least 1,000 Model 3 cars a week by the end of this year.

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Tommy O'Brien
TFNN