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.

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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.

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