China Agrees to ‘Reduce and Remove’ Tariffs on US Cars: Donald Trump
US President Donald Trump | (Photo Credits: Getty Images)

Washington, December 3: China has agreed to scale back tariffs on imported US cars, President Donald Trump said on 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. U.S. to Slap Tariffs ‘On All Chinese Imports’ If Trump-Xi’s November Meeting Fails.

"China has agreed to reduce and remove tariffs on cars coming into China from the U.S. Currently the tariff is 40 per cent," Trump said on Twitter.