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China has agreed to reduce, remove tariffs on US-made cars: Trump

ANI  |  Washington D.C. [USA] 

has announced that has agreed to "reduce and remove" tariffs, which currently stand at 40 per cent, on US-made cars that are exported to

"has agreed to reduce and remove tariffs on cars coming into China from the U.S. Currently the tariff is 40%," Trump tweeted on Monday.

Trump made the announcement after he met his Chinese counterpart on the sidelines of the Summit in on Saturday.

Both the leaders agreed to halt the escalating trade war between the nations by agreeing to a temporary truce during their dinner on the G-20's sidelines.

Trump agreed to not raise the current 10 per cent tariffs on the USD 200 billion worth of Chinese goods to 25 per cent following a two-and-a-half hour discussion with Xi in Argentina, quoted as saying.

December 1 was the original deadline for the to go ahead with the plans. However, Trump said the tariffs would not be hiked "at this time."

On the other hand, China agreed to purchase "very substantial" amounts of agriculture, and other goods in order to restore trade balances.

The meeting came as a thaw in straining ties between the nations due to an escalating trade war that was seen in the last few months.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, December 03 2018. 18:00 IST