China will suspend imposing additional tariffs on U.S. vehicles and parts for three months, China's Ministry of Finance announced on Friday.
Imported cars stop at the Port of Qingdao on Feb. 23, 2016. (Photo: China Plus)
From January 1 to March 31, 2019, China will suspend the 25-percent tariffs on 144 U.S.-made vehicles and auto parts, and five-percent tariffs on 67 auto items, the ministry said in a statement on its website.
Chinese President Xi Jinping and U.S. President Donald Trump reached an important consensus during their trade talks at the G20 summit in Buenos Aires earlier this month, and this move is to implement it, the statement said.
The trade talks on December 1 between the two heads of state have been taken as a turning point for the trade tensions that have roiled the financial market this year.
Earlier this year, China hiked its tariffs on U.S. vehicles and parts after the U.S. raised its tariffs on the Chinese equivalents to 27.5 percent.