China blinks first: Agrees to 'reduce and remove' tariffs on US cars

New Delhi, News24 Bureau, Dec 3: Finally, there is some good news of a truce between the world's two powerful countries. US President Donald Trump and his Chinese counterpart Xi Jinping agreed to halt the escalating trade war between their countries by agreeing to a temporary truce during their dinner on the sidelines of the G20 summit.Reports suggest that China has agreed to scale back tariffs on imported US cars, President Donald Trump said Sunday, one day after agreeing with Xi Jinping to a ceasefire in the trade war between the world's top two economies. Asia stocks had rallied on the news that Washington and Beijing would not impose any new tariffs during a three-month grace period, during which the two sides are meant to finalize a more detailed agreement."China has agreed to reduce and remove tariffs on cars coming into China from the US. Currently the tariff is 40 per cent," Trump said on Twitter.

PTI