China says it will reduce tariffs on US automobiles

BBC:

Beijing will "reduce and remove" the 40% tariffs it places on US cars imported into China, US President Donald Trump has said.

China has declined to confirm President Trump's announcement, which he made on Twitter without providing details.

The move, if confirmed, would be welcomed by a car industry unsettled by the escalating US-China trade war.

President Trump and Xi Jinping have now agreed to a temporary truce in the bitter dispute.

Over dinner at the G20 summit, they agreed to not increase tariffs for 90 days to allow for talks.

Failure to strike a deal would have seen tariffs on $200bn worth of Chinese goods rise from 10% to 25% at the start of next year, and would have opened the way for tariffs on additional Chinese goods.

On Monday, China's foreign ministry said the presidents of China and the US had instructed their economic teams to "intensify talks" towards removing all tariffs following the G20 meeting, However, it did not say if that was a plan with specific goals or something that was merely desirable.
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This could be good news for US automakers like Ford whose Mustang is popular in China despite the tariffs.  It could be a dramatic move toward trade fairness in China.  It will also be a good deal for farmers who have born the brunt of Chinese tariffs since the trade war started as well as oil and LNG exports from Texas.