China confirmed that it is going to cut tariffs on all American-made vehicles as part of a temporary ceasefire agreement in the trade war between it and America.
The Chinese president, Xi Jinping, and US president, Donald Trump, reached their truce during the global leaders’ summit in Argentina.
Trump’s administration hasn’t announced plans to reduce US import duties for the handful of vehicles built in China. However, the Chinese Ministry of Finance claimed in a recent statement that it hopes China and the United States can come to some agreement on trade policies quickly to stop the trade war and become amicable with each other.
Tesla and BMW spokespeople said on Monday that they plan to lower prices of their US-made vehicles, such as the Tesla Model X and the BMW X5. Ford has no current plans to lower prices but says it is encouraged by the announcement.
The ceasefire is set to last for 90 days, which is hopefully enough time for the United States and China to work out a long-term truce and agreement.