China, US Reach Consensus Regarding Auto Tariffs, Agriculture Sector - Commerce Ministry

China and the United States have managed to agree on the elimination of some differences regarding the automotive, agricultural and energy trade sectors, spokesman for the Chinese Commerce Ministry Gao Feng said on Thursday.

BEIJING (UrduPoint News / Sputnik - 13th December, 2018) China and the United States have managed to agree on the elimination of some differences regarding the automotive, agricultural and energy trade sectors, spokesman for the Chinese Commerce Ministry Gao Feng said on Thursday.

"China and the United States managed to reach a consensus on a number of specific issues concerning agriculture, energy sources and cars. Specific details will be issued later," Gao told reporters, asked whether China agreed to reduce tariffs on cars imported from the United States from 40 percent to 15 percent.

US President Donald Trump and Chinese President Xi Jinping agreed to de-escalate their countries' trade war during their meeting on the sidelines of the G20 summit in the Argentine capital of Buenos Aires.

Trump agreed to suspend plans to raise tariffs on $200 billion worth Chinese products from 10 percent to 25 percent in order to pave the way for trade talks with Beijing, but warned that if the negotiations did not succeed within three months, the tariffs would be imposed as planned.

China and the United States have been engaged in a trade war since Trump announced in June that $50 billion worth Chinese goods would be subject to 25 percent tariffs in a bid to fix the US-Chinese trade deficit. Since then, the two countries have exchanged several rounds of trade tariffs.