Trump Said China Has Agreed To Cut Tax On US Made Cars

Eileen GuzmanDec 08, 2018

"How can you buy USA products if China does not reduce the tariffs?"

The U.S. imposes a 27.5-percent tax on imported cars and light trucks from China.

However, there are some discrepancies in what the U.S. is saying and what was in the brief statement from Chinese officials. Due to which it was getting hard for companies like Ford, BMW, and Tesla to sell their products in China's market.

"President Xi and I want this deal to happen, and it probably will", Trump tweeted.

This year, the Trump administration instigated a trade war on Beijing, imposing tariffs on a total of $250bn of Chinese imports.

"Both sides believe that the principled agreement reached between the two presidents has effectively prevented the further expansion of economic frictions between the two countries", he said.

After a 2-1/2 hour dinner with Xi on Saturday in Buenos Aires, Trump agreed to postpone an increase in the tariff rate on $200 billion worth of Chinese imports to 25 percent from 10 percent that was scheduled for January 1.

Mr. Trump has used tariffs to force Beijing to the negotiating table over its long-standing trade abuses, including tariffs and other trade barriers, theft of intellectual property and forced transfer of technology from US companies doing business in China.

After 90 days, if there's no progress on structural reform, the US will raise those tariffs to 25 percent, White House Press Secretary Sarah Huckabee Sanders said in a statement.

The Ministry of Commerce statement described the meeting with the USA as "very successful" and said China is "confident" of implementing the results agreed upon at the talks, but didn't provide any further details on the outcome.

"It's an incredible deal".

This week's confusion highlights the clash between the secrecy and measured pace of the ruling Communist Party and Trump, who fires off dozens of Twitter comments a day and cultivates an image as a fast-paced, unpredictable deal-maker.

It did not give further details but it crucially did not contradict the U.S. president's remarks that China would buy more goods from the United States to help close their trade gap and structural changes to intellectual property protection. "If this suspension of tariff increases leads to a longer-term agreement, it will be extremely positive for the soy industry".

The commerce ministry, in a brief statement on its website, also said China would work to implement specific issues already agreed upon as quickly as possible.

"We have a president that's going to stand up to that for once", Navarro said.

"Tariffs inhibit the growth of our industry and make it more expensive for consumers to maintain and fix their vehicles", said ACA President and CEO Bill Hanvey. If the talks fail, Trump said he'd be happy to maintain tariffs on Chinese imports. "Farmers will be a very BIG and FAST beneficiary of our deal with China", Trump said in a Twitter post Monday.

China has made no direct mention of specific goods they will start to buy nor given any timeframe for when they may start.

The Trump administration raised doubts Tuesday about the substance of a U.S.

Financial markets surged early Monday celebrating news of the ceasefire, and though by the end of the day the benchmark Dow Jones Industrial Average had given back some gains, it still closed up almost 300 points.

The meeting ran longer than scheduled, ending after more than two hours.

"I don't think this meeting, or anything else for that matter right now, is moving towards auto tariffs", Kudlow said.

The White House said Xi said he was open to approving the previously unapproved Qualcomm-NXP deal should it again be presented to him.

The two leaders agreed to hold off on imposing more tariffs for 90 days starting December 1 while they negotiate a deal to end the dispute following months of escalating tensions.

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