China Will Suspend Additional Tariffs on US Cars and Auto Parts for 3 Months

Forex News

China’s Finance Ministry stated, that China will suspend 25% tariffs on 144 US vehicle and auto part items and 5% tariffs on 67 auto items between January 1 and March 31. The statement on the planned tariff suspension followed China's first major purchase of US soybeans since Donald Trump and Xi Jinping's landmark talks on trade in Argentina on December 1.

Earlier this week, Trump official said that China had agreed to cut tariffs on US-built cars and auto parts to 15% from 40%.

Analysts hope, that the tariff suspension and soybean purchase are early signs that the bitter trade war between China and the United States may be starting to ease.