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China temporarily suspends tariffs on U.S. autos

China Suspends Additional Tariffs On US-Made Vehicles For 3 Months

"As a leading exporter of vehicles from the U.S., we are very encouraged by China's announcement today", Hinrichs said.

As Washington and Beijing are trying to negotiate a trade deal amid a three-month trade truce, China confirmed on Friday that it would suspend for three months as of January 1 the planned 25-percent tariffs on 144 vehicles and auto parts made in the United States and 5-percent tariffs on another 67 car items.

Beijing raised tariffs on American-made cars and auto parts this summer by 25 per cent in retaliation for United States tariffs on $50 billion of Chinese goods.

The temporary tax reduction for United States auto imports comes as China heads for its very first annual vehicle sales decline in 28 years amid the trade war and an economic slowdown that's undermining consumption momentum.

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His optimism followed China's decision earlier Friday to back off from extra punitive duties that had been imposed this summer on US-made cars and auto parts.

China's Finance Ministry hopes that the two countries will speed up their negotiations in order to remove all of the additional tariffs on each other's goods. The government is also considering various options for how to handle the 25 per cent retaliatory tariffs on American corn that China adopted in July, the people said.

"It is essential that governments work together to advance balanced and fair trade".

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China is making "extraordinary concessions" to America in the dramatic trade war between the two superpowers, according to one of President Donald Trump's key advisers. That would be almost 10 times the $13 billion worth of vehicles the United States exported to China past year. Germany's BMW and Daimler, the owner of Mercedes-Benz, have been hit particularly hard.

Wang said auto makers in China that imported cars from the United States had seen a 30 percent decline in volume in the first 10 months of 2018, but the tariff cut would bring imports back to previous levels.

Earlier on Friday, economic data showed Chinese consumer spending grew at its slowest pace in 15 years and factories eased up in November, raising the prospect that Beijing could turn to fresh stimulus measures to help the sputtering economy.

"The meeting also signaled further market opening", economists at Trivium Research wrote in a newsletter.

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