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By Charlotte Yang / Dec 03, 2018 02:09 PM / Economy

Photo: VCG

Photo: VCG

Is the trade war easing up? It’s too soon to say.

But a late-night tweet from President Trump seems to indicate so. In his tweet, Trump said that “China has agreed to reduce and remove tariffs on cars coming into China from the U.S.”

The president added that China’s current tariffs on American cars stood at 40%. However, he did not elaborate on what he meant by “reduce and remove” or how big a tariff cut China had consented to.

American cars imported to China were subjected to higher tariffs than non-U.S. vehicles this year as the trade war escalated.

In July, China cut its levies on non-U.S. imported vehicles to 15% from 25% while raising the levies on those imported from the U.S. to 40% from 15%, as part of its retaliatory measures against the U.S. punitive tariffs on Chinese goods.

Related: Auto Imports Quadruple as Tariff Cut Takes Effect

 

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