China agrees to 'reduce and remove' tariffs on U.S. cars

China agrees to 'reduce and remove' tariffs on U.S. cars

China agrees to 'reduce and remove' tariffs on U.S. cars

"If it happens, it goes down as one of the largest deals ever made", Trump said of the potential deal.

Media captionSo how does a G20 summit work?

On Saturday, Trump and Xi agreed to put a stop to their tit-for-tat tariffs row, which had roiled world markets for months. China, which hiked the tariff on US -made cars coming into the country to 40 percent amid the trade fight, hasn't made a similar announcement on auto tariffs. Once again highlighting the "very special" relationship between the leaders, Trump expressed hope that they can reach an understanding that "will be good" for both nations. Trump left immediately to board Air Force One for Washington, having spent two days attending the summit of G20 countries.

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While Japanese officials insist Tokyo and Washington aim for a bilateral trade agreement on goods only, USA officials have pushed for the inclusion of services and even a provision to prevent currency devaluations in an envisaged deal. At June's Group of 7 meeting in Canada, Trump withdrew US support for the document he had just agreed to, upset about the treatment by his host Justin Trudeau amid bilateral tensions over trade. But the magnitude and timing of such a reduction were unclear, the person said.

The US and China have been embroiled in a trade war this year which has seen the US hit China with tariffs on $250bn (£195.9bn) worth of goods since July, and China retaliate with duties on some $110bn of US goods over the same period.

'Given the complexity of interactions between the two economies, the rest of the world will still be holding its collective breath, ' it said.

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For the US leader, a recent stock market slide - even though it bounced back late in the week - has many financial experts warning of a recession. That's because the German luxury brands dominate the top 10 list of vehicle imports into China.

"The faster negotiations conclude, the faster USA producers can provide more Japanese consumers with the high-quality beef they demand", Kester said.

Nevertheless, the G20 statement said the "United States reiterates its decision to withdraw from the Paris Agreement", mirroring the divergence seen a year ago when Trump shocked the global community by bucking the consensus at his first G20. China Grand Automotive Services Co., which sells various vehicle brands and provides auto financing, surged by the 10 percent daily limit in Shanghai. And for the Chinese president, "growth is slowing and I think there's an interest in trying to get this behind them", Goodman said of the tariff battle with Trump.

"The principal agreement has effectively prevented further expansion of economic friction between the two countries and has opened up new space for win-win cooperation", said Chinese Foreign Minister Wang Yi. "Currently the tariff is 40 percent".

Many US automakers build their cars in China for the local market, but for some the tariff hikes have hit sales, including electric car-maker Tesla and US-made models from BMW and Ford. China imported 280,208 vehicles, or 10 percent of total imported cars, from the US last year, according to China's Passenger Car Association.

Mr Trump also said that if talks were unsuccessful, he would carry out a threat to hit the remaining $267bn of annual Chinese exports to the U.S. with tariffs of 10-25%.

China's decision earlier this year came amid a period of heightening tensions between the US and China over trade and intellectual property issues.

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