Caixin
Caixin Global – Latest China News & Headlines

Home >

TRENDING
Chinese Majority Owned Lotus Announce EV Sports Car Venture With Renault’s Alpine
Chinese New Film Materials Maker HIUV on Track to Raise $227m in STAR Market IPO
Chinese Video Streamer iQiyi Targets U.S. Market With Animation on Nickelodeon
LATEST
Shanghai-Based Robot Developer Closes $46 Million Funding Round
Trending in China: Top Broadcast Exec Questions if Esports Are Really a Sport – Cue Heated Debate
Chinese Video Streamer iQiyi Targets U.S. Market With Animation on Nickelodeon
Chinese Majority Owned Lotus Announce EV Sports Car Venture With Renault’s Alpine
Chinese New Film Materials Maker HIUV on Track to Raise $227m in STAR Market IPO
Jordan Slam Dunks on Copycat Chinese Sportswear Brand Forcing Them to Change Their Name
Trending in China: Will ‘Chinese Baijiu’ Name Change Propel It To Global Dominance?
EHang Pioneers Self-Flying Drones for Tourists in Greater Bay Area City
TCL Squashes Rumours it is Withdrawing From North America Amid Empty Shelves
Chinese PE Fund Manager CICC Capital Secures $649m Second Close of Biomedicine Fund
WeRide Receives $310 Million as Beijing Opens Highways to Autonomous Car Tests
China’s Orchid Asia Leads Funding in Delivery Platform Fantuan, Edtech Startup Ivydad
U.S.-Listed Video Streamer Bilibili Files for Secondary Listing in Hong Kong, CNBC Reports
Dining Delivery Pay Dispute Leads Man to Set Himself on Fire
PayPal Becomes First Foreign Company to Offer Digital Payments in China
Tesla Rival Xpeng Motors Into New Year Fueled By New Credit Line
China’s Smartphone Shipments Fall Nearly 13% in December Amid Virus Flare-Up
Trending in China: Weibo Fails to See the ‘Funny Side’ of Sexual Harassment
Luxury Retailer Secoo Looks to Join Exodus of Chinese Companies from U.S. Stock Exchanges
Chinese Biotech Firm VISEN Raises $150m Led by Sequoia Capital China

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