Published 12 December 2018
WASHINGTON • US President Donald Trump was upbeat yesterday about contacts with China as the two countries discussed a road map for the next stage of trade talks.
“Very productive conversations going on with China! Watch for some important announcements!” he said in a Twitter post after a telephone call between Chinese Vice-Premier Liu He and US Treasury Secretary Steven Mnuchin and Trade Representative Robert Lighthizer.
China is reported to be moving towards cutting its trade-war tariffs on imported US-made cars, a step claimed by Mr Trump as a concession won during trade talks in Argentina.
A proposal to reduce tariffs on US-made cars from the current 40 per cent to 15 per cent has been submitted to China’s Cabinet to be reviewed in the coming days, Bloomberg reported, citing sources.
*if it happens, very beneficial for US Carmaker Tesla, currently trading at 366.
Mr Trump and Chinese President Xi Jinping agreed at a Dec 1 meeting in Argentina to a truce that delayed a planned Jan 1 US increase of tariffs from 10 per cent to 25 per cent on US$200 billion (S$275 billion) worth of Chinese goods.