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China Reportedly Plans To Cut Down The Tariffs Over US Cars

China Reportedly Plans To Cut Down The Tariffs Over US CarsThe government of China is reportedly planning to cut down the tariffs over the US vehicles according to some reports. The move of China is said to help in the de-escalation of the ongoing trade war between China and the United States. It has been reported by the Bloomberg that in the cabinet of China, a proposal regarding the reduction of the duties over the cars from the United States has been raised. The proposal emphasizes on the reduction of the duties from current 40 percent to 15 percent.

However the report says that any final decision on the proposal has not been taken but if China plays the move, it would help it fulfill the promise which was touted by the president of the United States Trump in a meeting with Xi Jinping, the president of China at G20 Summit. On 2nd of December, Donald Trump had tweeted that China is ready for bringing in the reduction followed by the complete removal of the tariffs over the cars that are exported to the Chinese territory from the United States. He also mentioned that the current rates of tariffs are marked at 40 percent.

His tweet came after his dinner with the Chinese president in B.A, Argentina. In the past few days, the advisors of Donald Trump are seen to be backtracking the promise made by the president by saying no concrete deal was formally agreed relating to cut down of the tariffs over the cars. However, from the current scenario, it can be inferred that China on their side are trying to placate the U.S president by reducing the tariffs. The move is said to be a significant one as many auto manufacturers have reported that there has been a disruption in their business because of the increased tariffs.

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