china to suspend us car tariffs in sign of easing trade tension
Saturday 22 February 2025
Last Updated : GMT 09:07:40
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



GMT 22:03 2016 Wednesday ,13 January

Al-Jazeera shutting US cable news channel April 30

GMT 09:51 2019 Monday ,19 August

Live a frustrating atmosphere in your career

GMT 18:58 2017 Saturday ,04 March

Gold prices continue to fall

GMT 16:27 2012 Friday ,18 May

RIM, Motorola in Apple nano-SIM battle

GMT 10:23 2018 Wednesday ,10 January

Nose spray tested to kick gambling habit

GMT 14:17 2017 Sunday ,31 December

Social media access restricted on Iran mobiles

GMT 07:39 2016 Monday ,03 October

Kim Kardashian lost millions in Paris robbery

GMT 10:35 2017 Thursday ,16 November

Singapore suspends trade ties with North Korea

GMT 13:51 2017 Tuesday ,07 March

Singer George Michael died of natural causes

GMT 06:00 2017 Monday ,18 December

Asian markets jump as US tax cuts move step closer

GMT 08:00 2012 Thursday ,19 January

Saudi woman fights back

GMT 12:45 2017 Wednesday ,12 July

Germany says ready to treat China's Liu Xiaobo

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 ©

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