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China agrees to reduce tariffs on US cars: Trump

IANS  |  Washington 

has agreed to cut tariffs on cars it imports from the US, has said, a day after he negotiated a ceasefire in the trade war with

"has agreed to reduce and remove tariffs on cars coming into from the US. Currently the tariff is 40 per cent," Trump tweeted on Sunday.

But the didn't specify when the change would happen or what the new tariff level would be, reported on Monday. Also, the made no mention of cutting

Trump's announcement came shortly after he and his Chinese counterpart announced a breakthrough during the summit in on Saturday, temporarily pausing the trade row between the world's two largest economies that had seen tit-for-tat tariffs imposed on each other's products.

As part of the weekend deal, Trump agreed to hold off on his threat to impose 25 per cent tariffs on $200 billion worth of Chinese goods from January 1, leaving them at the current 10 per cent rate.

In return, will purchase "very substantial" amount of agricultural, energy, from

Earlier this year, China lowered its tariffs on from 25 per cent to 15 per cent. However, it later imposed new additional tariffs of 25 per cent on American-made passenger vehicles in response to Trump raising the tariff on Chinese autos from 2.5 per cent to 27.5 per cent.

The called his deal with Xi as "incredible". "It goes down, certainly - if it happens, it goes down as one of the largest deals ever made," he told reporters.

had said the tariffs on Chinese goods could be gradually removed if agreed to certain concessions, according to

The agreement also came as Chinese auto manufacturers are aiming to enter the US market within the next couple of years.

China is currently the world's largest manufacturer of cars and as well as the world's biggest market for cars.

--IANS

soni/mr

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

First Published: Mon, December 03 2018. 14:20 IST
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