Caixin
Caixin Global – Latest China News & Headlines

Home >

TRENDING
Alibaba’s Quark Unit Launches AI Glasses Powered by Qianwen Model
Infinigence AI Raises 500 Million Yuan to Expand Heterogeneous Computing Platform
China’s Semiconductor Software Push Gains Traction Amid U.S. Curbs
LATEST
Lenovo Executive Urges AI Startups to Take On Tech Giants
Infinigence AI Raises 500 Million Yuan to Expand Heterogeneous Computing Platform
Alibaba’s Quark Unit Launches AI Glasses Powered by Qianwen Model
Pony AI Plans to Triple Robotaxi Fleet to 3,000 by 2026 as Revenue Jumps
China’s Semiconductor Software Push Gains Traction Amid U.S. Curbs
Alibaba Scales Back Retail Spending, Dismisses AI Bubble Fears
Huawei Slashes Flagship Phone Price Amid Slowing Shipments
China’s CXMT Takes Aim at Global Leaders With High-End DDR5 Memory Chips
Alibaba’s Profit Plunges 72% on Costly Foray Into Instant Retail
Xiaomi, Founder Stem Stock Rout With $115 Million Buyback
Analysis: Soaring Legacy Chip Prices Spark Windfall — and Risk — Across Supply Chain
Alibaba, Ant Race to Catch Rivals in China’s AI App Boom
New Flight System Targets ‘Blind Spots’ in China’s Low-Altitude Economy
Cover Story: The AI Boom’s Unsettling Paradox
AI Keeps China, U.S. From Decoupling Despite Trade Tensions, Insiders Say
Wingtech Demands Return of Nexperia Control After Dutch Freeze Pause
Intel Pivots to Custom Chips to Tap China’s Trillion-Yuan Computing Markets
Geely Leads $141 Million Round for Tsinghua-Linked Robotics Startup
China’s Giant Neutrino Detector Delivers First Results With Record Precision
China Unicom Taps Veteran Executive as Chairman to Navigate Telecom Transition

By Fran Wang / Dec 14, 2018 06:54 PM / Economy

China announced Friday it will suspend punitive tariffs on U.S.-made cars and auto parts starting Jan. 1, another step by Beijing to implement agreements reached by presidents Donald Trump and Xi Jinping to call a truce to the bilateral trade war.

The government will halt the imposition of duties that affect 211 product lines, such as hybrid passenger vehicles, diesel-engine trucks, chassis and seat safety belts for three months, the Ministry of Finance said in a statement.

The suspension will see the taxes that China slaps on U.S. cars fall temporarily to 15% from the current 40%. In July, China lowered duties on imported vehicles to 15% from 25%, but later hiked the rate on autos from the U.S. to 40% in retaliation to Washington’s punitive tariffs on Chinese goods.

“Imposing additional tariffs on U.S.-made cars and auto parts was a forced move to counter U.S. trade protectionism,” the ministry said. “Suspending the taxes is a concrete step to implement the consensus reached by the two countries’ leaders.”

“We hope both sides will, in accordance with the consensus reached by the two leaders, match words with deeds to speed up the negotiations aimed at scrapping all additional tariffs on the basis of mutual respect and on an equal footing.”

See more of our trade war coverage here.


Share this article
Open WeChat and scan the QR code