China to cut tariffs on USA cars

USA and China stopped their war for three months

Trump and Chinese President Xi Jinping agreed to hold off on new tariffs during talks in Argentina on Saturday, declaring a truce following months of escalating tensions on trade and other issues. He said relations have taken a big leap forward, adding, USA farmers will be a very big and very fast beneficiary of the deal after China agreed to purchase more agricultural equipment.

President Donald Trump left his top advisers scrambling on Monday to explain a trade deal he claimed he'd struck with China to reduce tariffs on USA cars exported to the country - an agreement that doesn't exist on paper and hasn't been confirmed in Beijing.

"I'm taking President Xi at his word, at his commitment to President Trump".

Under the agreement, Trump is shelving a plan to raise tariffs on $200 billion worth of Chinese imports from 10 percent to 25 percent from the start of next year - but the hike will kick in if negotiators fail to reach a final deal within 90 days.

That put US-made car brands like Tesla and Ford Motor Co's Lincoln at a major disadvantage, soon after China slashed auto import tariffs broadly to 15 percent for most vehicles.

Trump nevertheless praised himself for the dinner, and abandoned nuance in claiming on Twitter that China had agreed to immediately buy more USA farm products, in addition to dropping vehicle tariffs.

USA exports of cars and light trucks to China were worth US$9.5 billion in 2017 and have dropped off significantly since China imposed its retaliatory tariffs over the summer that gave exporters in Europe and Japan a significant advantage.

On Monday, China's foreign ministry said the presidents of China and the U.S. had instructed their economic teams to work towards removing all tariffs following the G20 meeting, Reuters reported.

China will agree to purchase a not yet finalized but very substantial amount of agricultural, energy, industrial, and other products from the United States to reduce the imbalance.

Dozens of Caravan Migrants Scale Border Wall and Cross into U.S.
About two dozen migrants climbed over the border wall separating Mexico from the USA near Tijuana on Monday. The U.S. says it can process up to 100 people a day at the Tijuana crossing, UPI reports.

Kanye West Apologizes For "Lack Of Etiquette" During 'The Cher Show' Performance
The audience was filled with celebrities, but cast member Jarrod Spencer caught Kanye using his phone and chose to tweet him. The KKW Beauty head sat front row with her hubby, who joked he was going to steal an earring after one fell onto the runway.

Marvel's Next Big Screen Superhero Is Shang-Chi
In the comics, Shang-Chi is trained from childhood in seclusion; he becomes the world's greatest martial artist. Jessie Wade is a news writer at IGN and loves the idea to develop more diverse Marvel movies.

China agreed to resume purchases of some U.S. farm and energy commodities.

Now, these tariffs will not be increased for 90 days, that is, until March 1, 2019.

The U.S. imposes a 27.5-percent tax on imported cars and light trucks from China.

The benchmark Shanghai Composite index led the way with a rise of 2.6% while Hong Kong was up 2.3% and Tokyo 1% better.

In his Twitter roundup of weekend doings, Trump talked of halting the arms race.

Prospects in Congress for the new deal - the U.S. -Mexico-Canada Trade Agreement - were complicated by the midterm elections, which left opposition Democrats in control of the U.S. House. Those 10 percent tariffs were scheduled to ratchet up to 25 percent on January 1 if the United States and China failed to reach an agreement to at least postpone that move.

"Trump's latest tweets this morning, which touted the benefits of the agreement for USA farmers and his own prowess as a dealmaker, suggest he will be reluctant to walk away from negotiations for a second time", he said.

Last year, the country imported vehicles worth $51 billion with more than a third coming from North America, China's Passenger Car Association revealed.

"With Trump himself having personally negotiated the latest deal, this one has a much greater chance of leading to a lasting truce", he wrote in a research note. China imported 280,208 vehicles, or 10 per cent of total imported cars, from the US last year, according to China's Passenger Car Association.

Related News:

  • Six60 reign as most-streamed local artist on Spotify

    The top five groups are Imagine Dragons, BTS, Maroon 5, Migos , and good old Coldplay, last year's most streamed group. If that sounds familiar, it's because Drake has dominated Apple Music over the last few years.
    Sask. won't follow Alberta with cut to oil production

    Sask. won't follow Alberta with cut to oil production

    We need them to toss the half-hearted statements away, we don't actually need Ottawa's sympathy, we need Ottawa's full attention. The more we can get on board the better". "But right now, they're being sold for pennies on the dollar", Notley said.
    Britain can unilaterally revoke Article 50

    Britain can unilaterally revoke Article 50

    He also rejected the United Kingdom government's position that the case is purely hypothetical and therefore inadmissible. Sterling "is really taking the Article 50 news well", said Jordan Rochester, an analyst at Nomura International.
  • How to enable AV1 video playback support in Windows 10

    How to enable AV1 video playback support in Windows 10

    The Redmond Zune-flinger says that the 1809 build of Windows 10 will not be able to install on machines that run Cisco AMP for Endpoints.

    Michelle Obama Reveals Queen Called Protocol Rubbish

    It gives me a level of focus and determination when I get to see you all up close. She said: "I touched her!" After all those protocol lessons, I was human'.
    Federal Liberals change leadership rules

    Federal Liberals change leadership rules

    Mr Morrison said his party had listened to the Australian people and that they "understand their frustration and disappointment". Two-thirds of the federal Liberal party room will need to support a change, a near impossible threshold to reach.
  • Kate Middleton Looks Holiday-Ready in Plaid Emilia Wickstead Skirt

    Kate Middleton Looks Holiday-Ready in Plaid Emilia Wickstead Skirt

    As artificial snow fell, William chucked artificial snowballs at a children's entertainer, and Kate was caught in the crossfire. Speaking to the families, Kate said: "William and I just wanted to pass on our huge gratitude to all of you here today".
    Huddersfield undone by Andone as Brighton snatch victory

    Huddersfield undone by Andone as Brighton snatch victory

    When pressed on the game and his side's performance, Wagner spoke only of his disappointment at the decisions throughout the match.
    Things Red Dead Online Doesn't Tell You

    Things Red Dead Online Doesn't Tell You

    Much of the fan feedback has been focused on the in-game economy, which hands out small rewards for a lot of hard work. Missions only award a paltry few dollars, and killing people in order to loot their bodies is even less lucrative.
  • Former D-back Patrick Corbin agrees to 6-year deal with Nationals

    For a Yankees team that has made starting pitching a priority this offseason, Corbin was an initial favorite to land in the Bronx. The left-hander met with the Philadelphia Phillies , Washington Nationals and New York Yankees last week.
    Mattis condemns Venezuela's Maduro as a 'despot' who has to go

    Mattis condemns Venezuela's Maduro as a 'despot' who has to go

    They claim the Venezuelan leader " may seize the gold, which is owned by the state, and sell it for personal gain ". Maduro is setting out on the road after hosting his Turkish counterpart Recep Tayyip Erdogan in Caracas.
    Victims of crime at Global Citizens concert urged to come forward

    Victims of crime at Global Citizens concert urged to come forward

    Witnesses took to social media to share how chaotic scenes unfolded at a Sasol garage outside FNB stadium, Briefly.co.za gathered. Only one incident has been reported to police after concertgoers were robbed and assaulted near the FNB stadium.


Most liked

Fans clamoring for Redskins to sign Colin Kaepernick after latest injury
But Smith and Kaepernick were teammates in San Francisco for two season, and worked out of the same playbook. Gruden said there's a chance McCoy would be ready for the December 30 finale vs.

Republicans acknowledge House campaign arm was hacked during 2018
The committee provided few details about the incident, but said the intrusion was conducted by an "unknown entity". It is unclear to what extent, if at all, the NRCC hack could have contributed to that.

Travis Scott (Kinda) Denies Cheating Rumors
He left another comment on the post reading, "Only got love for my wife". I pray god blocks out all evil'. "Try again u trollsssss". But quit try to take joy from anything that's good.

Ex-Patriot Brandon Browner Reportedly Gets Eight Years In Attempted Murder Case
He re-signed with the Seahawks in April 2016, but has not played in the National Football League since the 2015 season. Browner reportedly violated his restraining order that brought by the woman who he previously had a relationship with.

Trump is leading US trade negotiations with China: Mnuchin
As reported by Reuters, fresh concerns are on the rise surrounding the temporary US-China truce that was struck over the weekend. In April, China announced a timetable to permit foreign automakers to own more than 50 per cent of local carmaking ventures.

Tua Tagovailoa, Kyler Murray, Dwayne Haskins are finalists for Heisman Trophy
After being around him it might be easy for me to say that, how special of a player he is, but to me it's obvious. Passing: 348/496 (70.2 percent), 4,580 yards, 47 touchdowns, 8 interceptions, 175.77 passer rating.

MPs find ministers in contempt of Parliament
Before voting on the main motion, MPs voted down the government amendment by 311 votes to 307. Mr Cox gave Parliament an outline of his legal advice to the Government on Monday.

Newcastle owner wants club sold before January window
Asked whether he saw that timetable as realistic, he said it was "possible" but that realistic was "maybe too strong a word". Speaking on Sky News , Ashley said he was hopeful a deal could be concluded before the end of the year.

Seattle expected to land National Hockey League franchise
The Seattle Metropolitans were the first American team to win the Stanley Cup, defeating the Montreal Canadians in 1917. The NHL Board of Governors voted unanimously in favour of awarding Seattle the league's 32nd franchise on Tuesday.

India nabs 4 after deadly violence over cow slaughter rumours
Subodh Kumar Singh, who passed away in the Bulandshahr violence. "They blocked a road with a tractor and pelted stones", he said. While the body was hanging by the door of the vehicle, the window panes were shattered and all doors were open.

IPL 2019: Delhi Daredevils rechristened as Delhi Capitals
The team boasts of a battery of young Indian stars which include captain Shreyas Iyer, Rishabh Pant and Prithvi Shaw. Former Australian captain Ricky Ponting will continue as the coach and will be assisted by Mohammad Kaif.

Oklahoma states playoff case, tops Texas
They haven't made it to a CFP title game. "But to sit here now as four-time defending Big 12 champion, man, that sounds good". The Sooners were up 27-21 until Ehlinger threw a 5-yard TD to Lil'Jordan Humphrey with 2:44 left in the third quarter.

Jennifer Aniston says she wasn't the 'model child' her mother wanted
Things got so bad between the mum and daughter that Jen didn't even invite her to her wedding to Brad Pitt the following year . Dow, who a model and acted on television in the 1960s, appeared on The Beverly Hillbillies and The Wild Wild West.

3 astronauts safely aboard International Space Station
Investigators blamed a faulty sensor which they said had been damaged during assembly at the Kazakh site. But comments by the combative chief of the Russian space agency, Dmitry Rogozin , have raised eyebrows.

Urban Meyer will retire from Ohio Sate after bowl game
Assistant Ryan Day , who served as the interim head coach during Meyer's suspension to start the season, will take over. Meyer was 81-9 with a national championship at Ohio State after six years at Florida, where he won two national titles.