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China suspends tariff hikes on $126bil. of US goods

China has announced a 90-day suspension of tariff hikes on $126 billion of US cars, trucks and auto parts following its cease-fire in a trade battle with Washington that threatens global economic growth.

The tax agency said the suspension that takes effect Jan. 1 is intended to carry out the agreement reached by Presidents Donald Trump and Xi Jinping during a Dec. 1 meeting in Argentina.

The agency said Beijing will suspend a 25 percent import charge on $66 billion of cars and trucks and a 5 percent charge on $60 billion of auto parts.


Trump agreed earlier to suspend planned US tariff hikes due to take effect Jan. 1 on Chinese imports while the two sides negotiate. (AP)