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Lagos, NG
29th September 2022
WORLD NEWS

China agrees to cut tariffs on US imported cars-Donald Trump

China agrees to cut tariffs on US imported cars-Donald Trump
China agrees to cut tariffs on US imported cars-Donald Trump

President Donald Trump confirms that China has agreed to reduce and remove tariffs on America made cars going into China.

Trump who said this on his twitter handle, said China has agreed to reduce and remove tariffs on America cars coming into China from the United States. The tariff as confirmed by President Donald Trump on Sunday is currently 40%.

President Donald Trump and his Chinese counterpart, Xi Jinping, since resuming as the President of the United States, have been on a trade war, which only on Saturday  saw both countries calling it a truce at the G20 summit in Argentina, where they decided to call a time-out for 90-days.

Although, the Chinese authorities are yet to confirm any of this, especially the ‘reduction and removal’ of 40% tariff on imported Cars from America into China, the move will surely signal the end of the trade war between China and the US.

President Donald Trump had only some few months ago (September), slapped 10 percentage tariffs on $200 billion in Chinese items, to which China replied with their own tariffs, by imposing its very own round of price lists.

Trump had also threatened to add price lists on every other $267 billion of Chinese imports, and these two world largest economies have been going back and forth with the trade wars since Trump assumed office as President, and now it all seem to be over.

In the last few days, President Trump has taken some major steps towards achieving some of his campaign promises to the American people…especially on Jobs…this move on China and the redrafting and renegotiation of trade deals with neighbouring countries of Canada and Mexico over NAFTA, will further boost jobs and the economy in general. He is clearly following through with his campaign promises on the economy.

But  if China and the United States are able to achieve this, what becomes of car makers in Germany and Japan?

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