china to suspend us car tariffs in sign of easing trade tension
Last Updated : GMT 06:49:16
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Last Updated : GMT 06:49:16
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China to suspend US car tariffs in sign of easing trade tension

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Arab Today, arab 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.

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