China postpones tariffs on US autos, other goods

China postpones tariffs on US autos, other goods

Beijing (Web Desk): China's government says it will delayed planned punitive tariffs on United States-made automobiles and other goods following an interim trade deal with Washington.

Sunday's announcement came after Washington agreed to postpone a planned tariff hike on $160 billion of Chinese goods and to cut in half penalties that already were imposed.

China hopes to work with the US on the basis of equality and mutual respect to properly address each other's core concerns and promote the stable development of Chinese-US economic and trade relations, said a Cabinet statement.

US Trade Representative Robert Lighthizer said that under Friday's agreement, China committed to buy $40 billion of American farm products over the next two years.