BEIJING (Reuters) - Beijing will suspend an additional 25 percent tariff on cars and components manufactured in the United States for three months from Jan. 1 after a truce in a trade war between the world's two largest economies, the Finance Ministry said on Friday.
The ministry also said in a statement on its website that it hoped China and the United States could speed up negotiations to cancel all additional tariffs on goods imported from each other.
US President Donald Trump welcomed the announcement and said on Twitter: "China has just announced its economic growth slower than expected because of our trade war with it, and has just suspended tariff increases on the United States."
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| China declares unilateral truce in trade war with America |
"America is doing well, China wants to reach a very large and comprehensive agreement, and this can happen fairly quickly."
Shortly after the Chinese announcement, Tesla said it had reduced the prices of its S-Class models in China.
Joe Henriches, global operations chief at Ford Motor Co., also welcomed the Beijing announcement, noting that US automakers exported about 50,000 US-made cars to China in 2017.
In July, China lifted tariffs on cars and US auto parts after the United States raised its tariffs on Chinese cars and spare parts to 27.5 percent.
Car makers do not expect the United States to immediately cut its higher tariffs on Chinese imports in response to China's move.
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