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China to cut tariffs on US car imports for 3 months


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China to cut tariffs on US car imports for 3 months

China will suspend its retaliatory additional tariffs on U.S. car imports for three months amid a trade truce between Washington and Beijing, the country's Ministry of Finance said.

China will shelve the additional 25% duty on 144 vehicle and auto part items imported from the U.S., as well as the 5% tariffs on 67 auto items. The levies will be suspended from Jan. 1, 2019, to March 31, 2019.

The move comes after U.S. President Donald Trump and Chinese President Xi Jinping agreed to a 90-day trade negotiation period earlier this month. Since the agreement, China has resumed buying U.S. soybeans, Reuters reported.

Meanwhile, the Trump administration has agreed to temporarily delay the scheduled rise of tariffs on $200 billion of Chinese imports to 25%, initially due Jan. 1, 2019.