We reported last week on Donald Trump's tweet that China would be slashing its tariffs on US-built vehicles, though at the time neither US nor Chinese officials would confirm it, so we remained somewhat dubious on the subject. It turns out the President was right, and China is reducing its tariffs from 40 percent to just 15 percent, according to a report by the Wall Street Journal.
Chinese Vice Premier Liu He informed Treasury Secretary Steve Mnuchin and US Trade Representative Robert Lighthizer of the decision to reduce the tariffs in a phone call on Monday night, WSJ said. This move shows a willingness to negotiate with the US and could spell a cessation to the expensive and problematic trade war between the world's two largest economies.
Read Article