China will "reduce and eliminate" taxes on cars imported into the US, says Donald Trump – The Economic Journal

China will "reduce and eliminate" taxes on cars imported into the US, says Donald Trump - The Economic Journal


The president of the United States has announced that China will "reduce and eliminate" the taxes on automobiles imported from the United States, following the 90-day trade truce between leaders of the two largest economies.

"China has agreed to reduce and eliminate tariffs on cars arriving in China from the United States. Currently these rates are 40%, "Donald Trump wrote in his official Twitter account on Sunday.

The White House has already announced that the two countries have established a trade truce, which will postpone by 90 days the increase in US customs duties imposed on Chinese imports, after Donald Trump and Xi Jinping agreed during dinner at the end of the G20 summit, held between Friday and Saturday in Buenos Aires.

The US administration had announced that Chinese import duty rates of $ 200 billion would increase from 10 percent to 25 percent early next year and Trump was considering expanding the number of Chinese goods that would suffer this increase.

The White House added that if the two sides did not reach agreement within 90 days, then the increase in customs duties will be applied.



Source link