China will roll back tariffs on US-made cars, US President Donald Trump said, unveiling another potential breakthrough in a trade war truce that cheered stock markets on Monday. Trump’s surprise announcement late Sunday came a day after he and Chinese President Xi Jinping agreed to suspend any new tariffs and give negotiators 90 days to strike a deal. Trump tweeted that China had agreed to “reduce and remove” tariffs of 40 percent on cars, though Beijing has yet to confirm the move. The United States has imposed 25 percent tariffs on another $50 billion worth of Chinese imports and they remain in effect despite the truce. China has hit back with similar tariffs on $110 billion worth of goods made in the US.

Source: Egypt Independent December 03, 2018 10:41 UTC