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China will remove the retaliatory duty on automobiles imported from the U.

S. for three months in an effort to defuse trade tensions with the world’s biggest economy.

The 25 percent tariff it imposed in a tit-for-tat measure will be scrapped starting Jan. 1, the finance ministry said Friday. Earlier this week, Bloomberg reported that China was considering cutting the duties.

The move comes two weeks after President Donald Trump and his Chinese counterpart Xi Jinping agreed to a truce in the trade war at their meeting in Argentina. Trump claimed he won a concession during trade talks with Xi and said China, the world’s biggest automobile market, would reduce and remove tariffs, a claim that Beijing didn’t immediately confirm.



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TRUMPED? China Confirms It Does NOT Want A Trade War - Rolling Back Auto Tariffs Starting January 1st

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