A proposal that would reduce tariffs on American cars from 40 to 15 percent has been submitted to the Chinese Cabinet, according to a Tuesday report from Bloomberg News. The proposal comes weeks after President Trump rocked auto markets by tweeting that China had agreed to “reduce and remove” tariffs on cars coming into China from the U.S., which at the time was not confirmed publicly by China. And while this move appears to affirm Trump’s tweet, it is not certain that the proposal will pass in its current form. If it does, the U.S. will resume paying the same tariff rate as every other country. The proposal also signals a possible winding down of the trade war between the two nations, which has seemed more likely since Trump and Chinese President Xi Jinping struck a temporary truce at Argentina’s G-20 summit. And while the arrest of Huawei CFO Meng Wanzhou temporarily soured the relationship, the proposal comes as a sign that deescalation of the trade war will continue.
TOP 10 RIGHT NOW