China to halt extra tariffs on U.S. cars

China says to halt additional tariffs on U.S.-made cars from Jan 1

"We hope that both sides will, in accordance with the consensus reached by the two heads of state, on the premise of mutual respect, mutual equality, faithfulness, words and actions, and intensify consultations in the direction of cancelling all of the extra tariff increases", the State Council's statement said.

China pressed on with its trade war truce with the United States on Friday, announcing it will suspend extra tariffs added to US-made cars and auto parts for three months from January 1.

"If the United States cuts or remove tariffs on Chinese goods, China will surely follow up with further relevant measures", Song said.

"China wants to make a big and very comprehensive deal". "Carmakers might be ordering a large number of imported cars now".

Earlier this year, China hiked its tariffs on US autos and parts after the United States raised its tariffs on Chinese vehicles and parts to 27.5 percent. Friday´s announcement in Beijing also confirms what Trump said on December 2 about China acting on the auto tariffs.

Maintaining and resolving the trade truce could help stabilise sentiment in China, where confidence in the economy has been hurt by the trade frictions with key trade partner the US.

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"It is essential that governments work together to advance balanced and fair trade". China exported 53,300 vehicles to the USA market past year and imported 280,208 US-manufactured vehicles, according to data from the China Automotive Technology and Research Centre, a government-affiliated think-tank. The value of U.S. passenger vehicle exports to China has fallen by $2.4 billion, or 30%, over the course of the first nine months of the year.

China's tariff cut was communicated during a phone call between Vice Premier Liu He, U.S. Trade Representative Robert Lighthizer and U.S. Treasury Secretary Steven Mnuchin, the official said.

Jinping's landmark talks on trade in Argentina on December 1.

But just days later, China imposed new additional tariffs of 25% on American-made passenger vehicles as the trade war with the United States escalated.

President Donald Trump on Friday said a major US-China trade deal could emerge in the near future, saying that China's position has been weakened by the economic impact of the tariffs war.

A Trump official said on Tuesday that China had agreed to cut tariffs on US -built cars and auto parts to 15 percent from 40 percent. American officials also worry Chinese industry plans that call for state-led creation of global champions in robotics and other fields threaten US industrial leadership.

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