China cuts extra tariffs on U.S. cars

China pressed on with its trade war truce with the United States on Friday, announcing that it will suspend extra tariffs added to U.S.-made cars and auto parts for three months from January 1. The move is another sign that the ceasefire has not been derailed by the recent arrest in Canada of a top Chinese telecom executive at the behest of the United States. Beijing raised tariffs on American-made cars and auto parts this summer by 25% in retaliation for U.S. tariffs on $50 billion of Chinese goods. Halting the punitive duties brings the tariffs back down from 40% to the 15% imposed on all foreign vehicles. “Suspension of the tariffs is a concrete measure to implement the consensus reached by the two heads of state,” said the announcement by the State Council’s Tariff Commission Office, noting it applied to 211 product codes. U.S. President Donald Trump and Chinese leader Xi Jinping had agreed on the sidelines of the G-20 summit in Buenos Aires on December 1 to a 90-day truce.

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