The Chinese government has said it will postpone the tariffs on American-made cars and other goods after a temporary trade agreement with Washington.
Sunday’s announcement came after Washington agreed to delay the lifting of the tariffs on $160 billion of Chinese goods and cut half of the sanctions already imposed.
” China hopes to work with the United States on the basis of equality and mutual respect to properly address each other’s core concerns and promote the stable development of Chinese-U.S. economic and trade relations,” said a Cabinet statement on economic and trade relations.
US Trade Representative Robert Lightizer said that under Friday’s agreement, China has pledged to purchase $40 billion in US agricultural products over the next two years. He said China also promised to end its old practice of pressuring companies to deliver their technology as a condition for accessing markets.
Beijing was planning to impose 25% duties on American-made cars on Sunday, which would raise the total fee to 40%. The worst affected cars were the German BMW AG and the Mercedes Daimler AG unit, which shipped American-made SUVs and other cars to China.