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NewsTrump tweets that China will slice tariffs on US-made cars

00:50  07 december  2018
00:50  07 december  2018 Source:   cnet.com

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The US has its own import tariff on Chinese - made cars , totaling 27.5 percent. China has agreed to reduce and remove tariffs on cars coming into Before this tweet came out, the US government sounded like it was ready to raise tariffs further. Robert Lighthizer, the US Trade Representative, put

Mr. Trump targeted Chinese - made cars when he issued his first tariffs on billion in Chinese - made goods, marking the opening salvo of the trade war. In a tweet Sunday night, US President Donald Trump said China has "agreed" to reduce and eventually eliminate its 40-percent tariff on US - made

Trump tweets that China will slice tariffs on US-made cars© Artyom Ivanov/TASS/Getty Images

China and the US have been locked in a bitter battle of ever-rising tariffs as the two countries attempt to figure out a new trade deal. In a bit of good news, a new presidential tweet suggests that at least one facet of the trade war might be approaching an armistice.

In a tweet Sunday night, US President Donald Trump said China has "agreed" to reduce and eventually eliminate its 40-percent tariff on US-made vehicles. According to the Office of the US Trade Representative, it's the highest auto tariff China applies to any partnermost are around 15 percent. The US has its own import tariff on Chinese-made cars, totaling 27.5 percent.

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Mr. Trump targeted Chinese - made cars when he issued his first tariffs on billion in Chinese - made goods, marking the opening salvo of the trade war. China retaliated by raising tariffs on American- made cars to 40 percent, compared with 15 percent on cars from everywhere else.

The president said in a tweet that China had "agreed to reduce and remove" the tariffs . Mr. Trump provided no details of how much of a reduction China had agreed to, and Beijing did "If they cancel the extra 25 percent tariff on U . S .- made cars , then we will see positive signs for imported cars ," said

Without any follow-up information in the tweet, it's unclear when these reductions will take place, and it's also unclear how much the tariffs will fall. The Office of the US Trade Representative did not immediately return a request for comment, neither did representatives for China's commerce ministry.

Before this tweet came out, the US government sounded like it was ready to raise tariffs further. Robert Lighthizer, the US Trade Representative, put out a statement last week that said he would "examine all available tools to equalize the tariffs applied to automobiles," hinting that the US could try to raise its 27.5-percent auto import tariff to meet the 40-percent level that China levied against US-made cars.

This fledgling trade war has already made waves in the auto industry. Ford canceled the Chinese-made Focus Active's US introduction in August, shortly before CEO Jim Hackett said that steel and aluminum tariffs have allegedly cost Ford $1 billion in profits. Over at BMW, the company is figuring out whether to shift some production outside the US to beat the tariffs, which could affect investments and jobs at its US plant in South Carolina.

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China has reportedly proposed cutting tariffs on US - made cars to 15%, the same tax levied on car imports from other countries. The back-and-forth is the latest in a trade tow triggered by US claims that China engages in "unfair" trade practices, such as theft of intellectual property.

Trump tweets China will cut tariff on U . S .- made cars . Auto stocks up, though no further details have been "If they cancel the extra 25 percent tariff on U . S .- made cars , then we will see positive signs for Trump and Chinese President Xi Jinping agreed to halt new tariffs during talks in Argentina on

It keeps going. Volvo announced plans to shift some of its production to prevent losing the house on US-made S60sedans destined for China. It will also begin relying more on European imports of the XC60 SUV to avoid the 27.5-percent US import tariff. Tesla's sales in China were reportedly down some 70 percent in October, as well, although factors outside the tariffs likely contributed here, too.

This was originally published on Roadshow.

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In China, your car could be spying on you to the government.
Automakers feed into China's big-data 'ubiquitous surveillance' of its citizens. And the government has made transmitting data a prerequisite for getting incentives. "They gave you dozens of reasons why they can't give you the data," said a government consultant who helped evaluate the policy and spoke on condition of anonymity to discuss sensitive issues. "Then we offer the incentives. Then they want to give us the data because it's part of their profit.

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