China will suspend additional tariffs on vehicles manufactured in the USA

China will suspend additional tariffs on vehicles manufactured in the USA



China will suspend additional tariffs for vehicles and auto parts manufactured in the United States for three months starting on January 1, 2019, the Ministry of Finance of the Asian country announced today.

China will withdraw tariffs of 25 percent for 144 vehicles and auto parts, and also 5 percent for another 67 auto parts between January 1 and March 31, the ministry said in a statement on its website.

In this way, the tariffs on cars will return to 15 percent, which is what is now applied to all Chinese foreign imports of vehicles.

Since July of this year, the levies are 40 percent for the US, a retaliation imposed by China in response to the first round of US tariffs on Chinese imports that same month.

The agreement is circumscribed within the 90-day commercial truce agreed between the presidents of both countries, Donald Trump and Xi Jinping, on December 1 at the G20 summit in Argentina.

The Ministry also said it hoped that China and the United States could "accelerate" such negotiations to eliminate "all additional tariffs" from each party.

In Argentina, Trump and Xi agreed to a truce that delayed the increase of US tariffs on January 1 for Chinese products worth 200 billion dollars while negotiating a trade agreement.

.



Source link