By SEMA Washington, D.C., Staff
U.S. President Donald Trump and Chinese President Xi Jinping agreed to a 90-day ceasefire on tariffs being imposed by each country. Tariffs levied by the United States on $200 billion worth of Chinese products, including many auto parts, will remain at 10% rather than rise to 25% on January 1. There will be no change to the 25% tariffs imposed last summer on $50 billion worth of Chinese products, including some metal, rubber and plastic parts for auto equipment.
For its part, China will reportedly reduce tariffs on U.S. farm, energy, industrial goods and American-made cars. The two countries will restart talks aimed at reaching agreement within three months on outstanding disputes, which include the U.S./China trade imbalance, coercive licensing of U.S. technology, theft of intellectual property and non-tariff trade barriers.
For more information, contact Stuart Gosswein, SEMA senior director, federal government affairs, at stuartg@sema.org.