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

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.

PUGPROUD - 12/14/2018 9:56:31 AM

+8 Boost

Can you name another president in the past twenty plus years willing to take up the good fight internationally on so many fronts and not blink...neither can I. Say what you will about his personal style (not to my liking too at times) but he pushes back and takes strong positions on behalf of America where others in his seat and in congress appeased or ducked. Keep on keeping on Donald.

Agent009 - 12/14/2018 10:29:58 AM

+7 Boost

Sometimes you need a bull in the china closet (pun intended)

Vette71 - 12/14/2018 11:03:22 AM

+1 Boost

That still doesn't solve the problem. The USA needs to match China's import duties one for one. We need to raise our duties to 15% on all Chinese vehicles and auto parts coming into the USA. Geely/Volvo and many firms count on the USA market for growth which will be harder with matching duties. That levels the playing field.

Agent009 - 12/14/2018 12:56:03 PM

0 Boost

This is true, it wont be easy

mini22 - 12/14/2018 7:04:28 PM

+3 Boost

China will cut back on tariffs until they change their mind and start charging tariffs again. Ultimately I think they will just be more covert about it.

MDarringer - 12/14/2018 8:25:13 PM

+2 Boost

This was a necessary concession to having the trade talks move forward and it is a massive signal that movement is likely, so stop being a Negative Nancy.

CANADIANCOMMENTS - 12/14/2018 9:15:02 PM

+2 Boost

Agree. Meanwhile, the CFO of Huawei is out on bail in Vancouver and China has grabbed 2 Canadians and put them in Jail. Canada was honoring its agreements with the USA and working with US law enforcement when she was arrested. Never forget China plays the long game. 25 -50 -100 years from now. Tariffs have been in place to allow them to build up national champions like Huawei. They want the same in Auto's and Aerospace etc. As well they are still a Communist Country that imprisons its people (re-education camps) and has militarized the South China Sea (mistakenly thinking it owns it).

MDarringer - 12/14/2018 9:59:15 PM

0 Boost

China isn't the enemy. The UN is the enemy.

CANADIANCOMMENTS - 12/14/2018 10:38:18 PM

+2 Boost

@MD - Like the Press? In actual fact the UN was formed from the ashes of WWII. It started operations on October 24th, 1945. For the last 73 years it has brought the nations of the world closer together and it has been a champion for human rights, democracy and the pursuit of peace. While not perfect, it is the best forum we have for all nations to share ideas and points of view and to work together toward common goals.

CANADIANCOMMENTS - 12/15/2018 8:57:30 PM

+1 Boost

The worst part about all this is that the USA may be abusing the law and extradition arrangements for political reasons. HSBC was fined $1.9B USD in 2012 for laundering money for Mexican Cartels as well as doing business with firms in Iran, Libya and others. No executives went to jail. No HSBC leaders were fined. No HSBC leaders were grabbed by police while on holiday or going to work on foreign soil. So why was the CFO of Hauwei grabbed? Why was this needed? What makes their situation any different from HSBC? It stinks.