Shanghai Finance


Tariffs on US cars remain suspended

April 01,2019


China's State Council yesterday said the country would continue to suspend additional tariffs on US vehicles and auto parts after today, in a goodwill gesture following a US decision to delay tariff hikes on Chinese imports.

In December, China said it would suspend additional 25 percent tariffs on US-made vehicles and auto parts for three months, following a truce in trade frictions between the world’s two largest economies.

The State Council said yesterday’s move was aimed at “continuing to create a good atmosphere for the ongoing trade negotiations between both sides.”

“It is a positive reaction to the US decision to delay tariff hikes and a concrete action adopted (by the Chinese side) to promote bilateral trade negotiations,” said the State Council, China’s Cabinet.

“We hope the US can work together with China, accelerate negotiations and make concrete efforts toward the goal of terminating trade tensions.”

The government also said it would announce separately when the suspension would end.

On Thursday and Friday, Chinese Vice Premier Liu He, US Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin co-hosted the eighth round of China-US high-level economic and trade consultations in Beijing, the first face-to-face meetings between the two sides since the United States delayed a scheduled March 2 increase in tariffs on US$200 billion worth of Chinese goods. The two sides discussed the related text of an agreement and achieved new progress.

Liu, also chief of the Chinese side of the China-US comprehensive economic dialogue, has been invited to visit the US this week for the ninth round of high-level economic and trade talks in Washington.

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Hong Kong students visit Shanghai Financial Service Office