China Suspends Tariffs on U.S. Exports of Cars, Trucks, and Auto Parts
President Xi Jinping met with President Trump to reach an agreement on China-US economic and trade issues. According to the "People's Republic of China Foreign Trade Law", "People's Republic of China Import and Export Tariff Regulations" and other laws and regulations and the basic principles of international law, the State Council Customs Tariff Commission decided to suspend tariffs on cars, trucks, and auto parts originating in the United States.
China has agreed to suspend a 25% import charge on $66 billion of cars and trucks, and a 5% charge on $60 billion of auto parts for 90 days. China's new suspension order takes effect January 1, 2019.
Earlier this year, the U.S. raised tariffs on Chinese imports of vehicles and auto parts. China responded in kind, by increasing tariffs on American automobiles and parts. According to Trump, the tariffs were meant to combat what he called unfair trade practices by China.
The latest announcement indicates a potential end to the United States-China trade war.
For more information, please read the Taxation Committee Announcement from the Ministry of Finance for the People's Republic of China.
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