Economy

China agrees to 'reduce and remove' tariffs on US cars: Donald Trump

China agrees to 'reduce and remove' tariffs on US cars: Donald Trump”

Trump, who in recent months has harshly criticised China and accused it of meddling in USA elections, in the statement called his meeting with Xi "amazing and productive".

At the summit earlier on Saturday, the G20 leaders agreed a joint declaration.

"This was an awesome and productive meeting with unlimited possibilities for both the United States and China", Trump said in a statement released by the White House.

On Wednesday, U.S. Trade Representative Robert Lighthizer said Trump had directed him to examine all available tools to raise U.S. tariffs on Chinese vehicles to the level that China is charging.

In a meeting Friday with Japanese Prime Minister Shinzo Abe in Argentina's capital, Trump called the USA trade deficit with Japan "massive" and "pretty substantial", and said, "We hope that we're going to be balancing it very quickly". Trump kept mostly to himself, canceling meetings for informal conversations.

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"China right now has major trade barriers - they're major tariffs - and also major non-tariff barriers, which are brutal".

Sound China-U.S. relations, Xi said, are in line with the fundamental interests of the two peoples and the broad-based expectations of the global community. But the magnitude and timing of such a reduction were unclear, the person said. Based on our calculations, tariffs at 25% would have meant a 0.9 percentage point drag on China's GDP growth.

'Given the complexity of interactions between the two economies, the rest of the world will still be holding its collective breath, ' it said. And Beijing agreed to reconsider a takeover by US chipmaker Qualcomm that it had previously blocked.

The truce, reached after a dinner of more than two hours, buys time for the two countries to work out their differences in a dispute over Beijing's aggressive drive to supplant USA technological dominance. "China will be getting rid of many of them".

In the talks, the Trump administration is expected to demand increased market access to Japan's automobile market, as well as to push Japanese automakers to expand their manufacturing in the United States, a measure that would reduce exports into the country and create more jobs there. China Grand Automotive Services Co., which sells various vehicle brands and provides auto financing, surged by the 10 percent daily limit in Shanghai.

The meeting was the first face-to-face encounter between the leaders in more than a year, a period that saw Trump impose tariffs on billions of dollars in Chinese imports in a bid to force Beijing to halt trade practices the US considers unfair.

They agreed not to impose new additional tariffs, and instructed the economic teams of both sides to step up negotiations toward the removal of all additional tariffs and reach a concrete deal that is mutually beneficial and win-win. "Now the tariff is 40 per cent", Trump said on Twitter.

Many US automakers build their cars in China for the local market, but for some the tariff hikes have hit sales, including electric car-maker Tesla and US-made models from BMW and Ford.

China has hit back with similar tariffs on $110 billion worth of goods made in the US.

Ahead of the G-20, the USA planned to increase tariffs on $200 billion in Chinese goods from 10% to 25%, effective January 1. During the three months, Washington will continue to negotiate with Beijing in an effort to make a lasting deal to resolve ongoing trade tensions.

For Tesla, a tariff cut will provide a boon until the company sets up local production.



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