In the latest Trump-China trade war news, the POTUS has been in talks with China President Xi Jinping to discuss the reduction or elimination of some import tariffs that each president has imposed on the other president’s country.
U.S. President Donald Trump said in a statement that Beijing has agreed to “reduce and remove” the 40% tariffs that it places on U.S. cars that are imported into China. China has yet to confirm or deny the announcement made by the POTUS on Twitter, which did not include any additional details.
If the move is indeed true, it would be a positive one as the automotive industry has suffered the consequences of the growing U.S.-China trade war. President Trump and President Xi Jinping have reportedly now agreed to reach a temporary truce in the matter.
The move is an extension of a dinner the two had at the G20 summit, where they agreed to not increase tariffs for 90 days in order to pave the way for discussions. If the two had failed to reach an agreement, the U.S. would’ve seen $200 billion worth of Chinese goods have their tariffs increase from 10% to 25% at the beginning of 2019.
Such a move would have led to further tariffs on imports from the U.S. to China and vice-versa. “My meeting in Argentina with President Xi of China was an extraordinary one,” President Trump tweeted.
“Relations with China have taken a BIG leap forward! Very good things will happen. We are dealing from great strength, but China likewise has much to gain if and when a deal is completed. Level the field!”
