On Sunday President Trump announced that China agreed to reduce and remove tariffs on cars coming into China from the United States. Currently the tariff is 40%. Deals like this were a staple of the Trump campaign when he was running for president in 2016. He claimed that he could get rid of the bad deals made during the Obama administration. This shows his commitment to that particular campaign promise.
"China has agreed to reduce and remove tariffs on cars coming into China from the United States. Currently the tariff is 40%," President Trump tweeted.
This announcement came just after President Trump and Chinese President Xi Jinping announced a breakthrough during the Group of 20 summit that went down over the weekend in Buenos Aires. Recently there had been an escalating trade war between the two countries resulting in tariffs imposed on each other's products.
Trump points to trade truce with China saying tariffs will be cut on U.S. cars https://t.co/BZw6WfHJUl Via @ReutersTV pic.twitter.com/0vY4z6OZMG
— Reuters (@Reuters) December 3, 2018
A few hours later President Trump expanded on the trade deal with some follow-up tweets:
Per The Hill:
The Chinese foreign ministry also touted the agreement, saying the two sides had "proposed a series of constructive plans on how to properly resolve existing differences and problems.”
The separate statements, which offered conflicting characterizations of what the agreement entailed, were vague on details. The U.S. statement highlighted a 90-day window it had created to push through trade talks with Beijing, while the Chinese statement made no mention of it.
The Saturday agreement meant that Trump's tariffs on $250 billion worth of goods remained in effect, but an additional hike on tariffs for certain goods would be put on hold.
On Sunday, Treasury Secretary Steven Mnuchin suggested the tariffs on Chinese goods could be gradually removed if Beijing agreed to certain concessions, according to The New York Times.
President Trump is working hard to renegotiate the "bad, bad deals" made by President Obama. The left wants to bury President Trump because of the immediate aftermath of tariffs being enforced. Moves like this take time to play out. China agreeing to reduce and remove tariffs is a great sign.