China To Cut Tariffs On U.S. Cars After Trade War Truce

06 December, 2018, 05:04 | Author: Kathy Ellis
  • US President Donald Trump said the G20 Summit was a success for America’s interests

Russian President Vladimir Putin said later on Saturday he had explained his position in the Ukraine crisis to United States leader Donald Trump at a G20 summit, and remained open to proper talks.

"While the Xi-Trump dinner has clearly improved the tone of the U.S".

In return, China agreed to buy what the White House called a "not yet agreed upon, but very substantial" amount of USA products to help narrow America's gaping trade deficit with China.

"My relationship is very special, the relationship that I have with President Xi", he said as the two men were seated.

Beijing has not yet confirmed the move and President Trump's advisers appeared less certain about the agreement.

"If they cancel the extra 25 percent tariff on USA -made cars, then we will see positive signs for imported cars", said director of the China Automobile Dealers Association's import committee, Wang Cun, according to Reuters.

China had previously offered to increase its purchases of U.S. products, only to have Mr Trump reject the deal. According to the Office of the US Trade Representative, it's the highest auto tariff China applies to any partner - most are around 15 percent. And while he said the "history is not great" with China on trade, he was optimistic.

Global stock markets have jumped following the truce in the US-China trade war.

Any move to reduce or eliminate the extra tariff is a boon for carmakers such as Tesla, BMW and Daimler, which all produce cars in the United States and import to China. "They intend to start purchasing agricultural product immediately". China also blocked a tie-up between two major semiconductor manufacturers, Qualcomm and NXP, as a response to American trade tariffs.

Watch Premier League Game Online
David De Gea had a bit of a mare against Arsenal when Manchester United hosted Arsenal in Premier League on Wednesday night. "He went to Real Madrid with so many great players, it was still hard but, this would be a whole rebuilding job".

Left out of Chinese media statements is the US claim that a tariff deal is conditioned on the two countries resolving key issues within 90 days. The US spent 716 Billion Dollars this year.

"It's an incredible deal", Trump told reporters aboard Air Force One on the flight home to Washington, adding it would have an "incredibly positive impact" on American farmers.

"It's 90 days. It's nothing and it doesn't really make any difference".

Xi also agreed to designate the drug fentanyl as a controlled substance, the White House said.

While Trump and Lopez Obrador both said they had a "great" first phone call after the latter's landslide victory in July, the two were at odds over the renaming of the updated agreement, with Trump insisting on listing the U.S. before other countries.

President Trump added: "This was an fantastic and productive meeting with unlimited possibilities for both the United States and China".

"If at the end of this period of time, the parties are unable to reach an agreement, the 10% tariffs will be raised to 25%", a White House statement said after dinner talks between President Donald Trump and his counterpart Xi Jinping on the sidelines of a G20 summit in Buenos Aires.

"I think the Chinese are hoping that political and economic factors will converge to convince the Trump administration to lower the bar somewhat so that China can meet some of the requirements", Glaser said.

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