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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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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. China has agreed to reduce and remove tariffs on cars coming into China from the U.S. Currently the tariff is 40%.

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.

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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China imposed a 40% tariff on US vehicle imports - much higher than the 15% it places on other trading partners. In his tweet , President Trump said Beijing had "agreed to reduce and remove tariffs on cars coming into China from the US ". He did not provide a new level for the Chinese

President Donald Trump announced via Twitter Monday that China has agreed to cut tariffs it imposes on American- made vehicles exported into the Asian " China has agreed to reduce and remove tariffs on cars coming into China from the U . S . Currently the tariff is 40%" Trump tweeted .

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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President Donald Trump announced on Sunday that China will lower or remove tariffs on American- made cars coming into the country. The move is significant as US - made cars from BMW and others are popular in China . A total of .5 billion worth of new and used cars were shipped to

The trade war has seen the US and China hit each other with escalating tariffs in an attempt to make their domestically made goods more competitive. In his tweet , President Trump said Beijing had "agreed to reduce and remove tariffs on cars coming into China from the US ". He did not provide a

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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