China lowers tariffs on U.S. cars, parts through March

The action fulfills a second key promise after U.S. and Chinese delegations agreed during a G20 meeting to take steps toward defusing trade tensions.    China has suspended 25 percent tariffs on U.S. automobiles and 5 percent tariffs on U.S. auto parts, after President Donald Trump and Chinese President Xi Jinping agreed during a Dec. 1 meeting to intensify efforts to resolve an ongoing trade war, the Chinese Finance Ministry announced Friday.
   The lower tariff rates will remain in place at least through March 31, the Finance Ministry said.
   Trump and Xi agreed not to impose new tariffs at least for 90 days following their meeting at the G20 as both sides negotiate to address underlying issues.
   The U.S. imposed the first round of 25 percent tariffs on July 6, after finding in a Section 301 investigation that China was engaging in unfair commercial practices such as forced technology transfer from foreign firms and intellectual property theft.
   The U.S. has imposed 25 percent tariffs on a total of $50 billion worth of Chinese goods in 2017 import value, as well as 10 percent tariffs on another $200 billion worth of Chinese goods, which had been set to increase on Jan. 1 to 25 percent, before the two sides agreed to a detente during the G20 summit.
   The tariff reductions affect 211 items and will decrease tariffs on finished autos imported from the U.S. to 15 percent, the same rate China charges for imports from other countries.
   China fulfilled another key agreement reached during the G20 meeting when it recently resumed purchases of U.S. soybeans, according to a statement released Thursday by the American Soybean Association.