china to suspend us car tariffs in sign of easing trade tension
Last Updated : GMT 05:21:58
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 05:21:58
Arab Today, arab today

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

Arab Today, arab today

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.

arabstoday
arabstoday

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

 



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

 



Arab Today, arab today Modern colorful bedroom renovation

GMT 11:23 2017 Thursday ,21 December

Modern colorful bedroom renovation
Arab Today, arab today For the Variety of Interior Design Styles

GMT 11:14 2017 Tuesday ,19 December

For the Variety of Interior Design Styles

GMT 14:44 2016 Sunday ,11 December

LG invites entries to LG Home Chef Competition

GMT 10:45 2017 Monday ,13 February

Basketball changes lives in one Chinese village

GMT 23:22 2017 Friday ,20 January

Barca ends Sociedad hoodoo; Atletico cruises

GMT 12:43 2017 Friday ,10 February

Careem 'Ride Now' available in Abu Dhabi again

GMT 12:44 2016 Friday ,23 December

On Irish border, shopkeepers fight Brexit fallout

GMT 08:34 2016 Wednesday ,16 November

Google announces new London office, 3,000 jobs expected

GMT 16:47 2017 Thursday ,20 April

President of Croatia Meets Qatar's Ambassador

GMT 14:25 2017 Tuesday ,17 October

US-backed force says has fully captured Raqa from IS

GMT 16:06 2016 Sunday ,31 July

Q7 is our best-selling model in region

GMT 08:49 2017 Thursday ,02 November

Guantanamo judge finds US general in contempt of court

GMT 09:13 2017 Wednesday ,22 November

RAK Chamber celebrates its Golden Jubilee this November

GMT 13:20 2017 Saturday ,29 April

SpaceX to launch classified US govt payload Sunday

GMT 10:04 2016 Tuesday ,12 January

Nowitzki makes the difference in Mavs' NBA win
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday