December 3, 2018 World 0 Views President Donald Trump meets China's President Xi Jinping during his bilateral meeting at the…
President Donald Trump on Sunday announced that China had agreed to roll back its tariffs on US cars under 40 percent.
“China has agreed to reduce and remove tariffs on cars coming to China from the US Currently, customs are 40%,” wrote Trump on Twitter.
The message comes one day after Trump joined Chinese President Xi Jinping at the G20 summit in Buenos Aires, Argentina for negotiations and dinners.
Earlier this year, China’s tariff on US imported cars stood at 1
5 percent from 25 percent, Politico reported. It then increased the tariffs to 40 percent in the context of the escalating trade war with the United States
DEFYING TRUMP’S WISHES, FORD THAT IT DOES NOT HAVE CLEANED CHINESE IMPORT IN THE US
The two leaders were allegedly agreeing a 90-day firefight under which Trump will delay the planned US tariff increase while the world’s two most powerful economies negotiate the administration’s complaint that China systematically steals trade secrets and forces the US to surrender sensitive technologies such as the price of Access to the Great Chinese market.
In return, China agreed to buy what the White House called an “unprecedented but very significant” amount of American products to help limit the US gaping trade deficit with China.
The timetable for China’s reduction of tariffs below 40 percent is still unclear.
Associated Press contributed to this report.