President Donald Trump on Sunday introduced that China had agreed to rollback its tariffs on American cars beneath 40 p.c.
“China has agreed to scale back and take away tariffs on automobiles coming into China from the U.S. At the moment the tariff is 40%,” Trump wrote on Twitter.
The announcement comes a day after Trump sat down with Chinese language President Xi Jinping on the G20 Summit in Buenos Aires, Argentina for negotiation talks and dinner.
Earlier this 12 months, China’s tariff’s on U.S. imported cars stood at 15 p.c from 25 p.c, Politico reported. It then raised tariff charges to 40 p.c amid the escalating commerce struggle with the U.S.
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The 2 leaders reportedly agreed on a 90-day cease-fire, throughout which Trump will delay the scheduled U.S. tariff enhance whereas the world’s two most-powerful economies negotiate over the administration’s complaints that China systematically steals commerce secrets and techniques and forces the U.S. at hand over delicate know-how as the worth of admission to the huge Chinese language market.
In return, China agreed to purchase what the White Home known as a “not but agreed upon, however very substantial” quantity of U.S. merchandise to assist slim America’s gaping commerce deficit with China.
The timetable for China’s reducing of tariffs beneath 40 p.c stays unclear.
The Related Press contributed to this report.