china to suspend us car tariffs in sign of easing trade tension
Last Updated : GMT 08:51:31
Egypt Today, egypt today
Egypt Today, egypt today
Last Updated : GMT 08:51:31
Egypt Today, egypt today

China to suspend US car tariffs in sign of easing trade tension

Egypt Today, egypt today

Egypt Today, egypt today China to suspend US car tariffs in sign of easing trade tension

China imposed extra tariffs of 25 per cent on US cars
Beijing - DPA

China says it will suspend additional tariffs targeting US cars for three months starting January 1 in a sign of easing trade tensions between the world's two largest economies.

Earlier this year, China imposed extra tariffs of 25 per cent on US cars, as retaliation for the US slapping tariffs on a variety of Chinese goods, including semiconductor chips and machinery parts.

"Suspension of tariffs is a concrete measure to implement the consensus of the two heads of state," the Chinese Commerce Ministry said in a statement on Friday, referring to discussion between US President Donald Trump and Chinese President Xi Jinping earlier this month.

The ministry expressed hopes that trade talks will continue "in the direction of eliminating all tariff increases."

This year, the US imposed tariffs on 250 billion dollars' worth of Chinese goods as punishment for what it says are China’s unfair trade practices, such as intellectual property theft and forced technology transfers.

China retaliated with duties on 110 billion dollars' worth of US imports including soybeans, aircraft and cars.

Trump and Xi met on the sidelines of the G20 summit in Argentina earlier this month and agreed on a 90-day "ceasefire" to give the teams time to negotiate a more permanent settlement.

As part of the truce, Trump pledged that on January 1 he would leave the recently increased tariffs on 200 billion worth of Chinese products at 10 per cent and not raise the rate to 25 per cent, as he had threatened.

China’s economy is being battered by the ongoing trade war. On Friday, the government reported weak industrial output and retail sales growth in November.

The industrial and retail sales data indicate China's economic growth in the last quarter of the year could fall below the 6.5 per cent registered in the third quarter.

The prolonged trade war with the US is also eroding Chinese consumers' optimism, according to experts. Car sales fell 10 per cent in November, while the sale of communication appliances dropped 5.9 per cent, according to the Australia and New Zealand Banking Group (ANZ).

"China's economy is weakening and worries many investors," Germany's Commerzbank said in a report. "However, a full-blown crisis is unlikely."

The government has taken countermeasures by lowering taxes and boosting the credit supply, while postponing steps to tackle debt.

egypttoday
egypttoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

china to suspend us car tariffs in sign of easing trade tension china to suspend us car tariffs in sign of easing trade tension

 



Egypt Today, egypt today Modern colorful bedroom renovation

GMT 12:15 2017 Thursday ,21 December

Modern colorful bedroom renovation
Egypt Today, egypt today Paris Fashion Week: John Galliano goes co-ed on the catwalk
Egypt Today, egypt today For the Variety of Interior Design Styles

GMT 22:35 2017 Tuesday ,19 December

For the Variety of Interior Design Styles

GMT 06:08 2017 Thursday ,23 February

Actress Lobna Abdel Aziz proud of her career

GMT 09:43 2019 Monday ,19 August

Live a calm atmosphere in your career

GMT 16:10 2018 Friday ,14 December

Bahrain press headlines For 14 Dec 2018

GMT 12:05 2017 Monday ,04 September

Actress Reham Hagag prefers complicated roles

GMT 21:01 2016 Wednesday ,18 May

Emirati researchers search for nuances in dialects

GMT 16:37 2017 Saturday ,25 March

Two astronauts complete 6-hour NASA spacewalk

GMT 03:13 2017 Saturday ,07 January

Panel outlines plans to promote culture of giving

GMT 16:11 2017 Wednesday ,15 November

In Morocco, a blue tourist town

GMT 10:02 2018 Wednesday ,12 December

Tottenham, PSG, Liverpool reach Champions League last 16

GMT 07:55 2018 Monday ,19 November

King congratulates Monaco Prince on national day

GMT 15:41 2018 Sunday ,11 November

Rouhani says U.S. sanctions target Iranian people

GMT 14:52 2018 Thursday ,27 September

Bahrain press headlines For September 27, 2018

GMT 12:14 2018 Thursday ,06 September

Arab socio-economic council holds meeting

GMT 13:51 2017 Wednesday ,22 February

129 Israeli settlers enter Al-Aqsa mosque yards

GMT 14:54 2017 Wednesday ,11 October

US Navy officers lose jobs after fatal collision

GMT 00:18 2017 Wednesday ,05 July

Germany backs UAE's stand on Qatar

GMT 14:09 2017 Wednesday ,19 April

Citizens' healthcare needs reviewed

GMT 14:59 2017 Friday ,18 August

Lebanon condemns Barcelona terrorist attack

GMT 08:31 2018 Monday ,22 January

West's 'Russiaphobia' worse than

GMT 07:39 2017 Wednesday ,09 August

Abu Dhabi to tempt Saudi tourists

GMT 13:33 2018 Thursday ,11 January

China factory gate inflation slows to 13-month low
 
 Egypt Today Facebook,egypt today facebook  Egypt Today Twitter,egypt today twitter Egypt Today Rss,egypt today rss  Egypt Today Youtube,egypt today youtube  Egypt Today Youtube,egypt today youtube

All rights reserved 2020 Arabs Today Ltd.

All rights reserved 2020 Arabs Today Ltd.

egypttoday egypttoday egypttoday egypttoday
egypttoday egypttoday egypttoday
egypttoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
egypttoday, Egypttoday, Egypttoday