China moves on US car tariff cut

China is moving to cut import tariffs on American-made cars, a step which was brandished by President Donald Trump as a concession won during trade talks in Argentina, Bloomberg News reported on Tuesday citing people familiar with the matter.

A proposal to reduce tariffs on cars made in the U.S. to 15 percent from the current 40 percent has been submitted to China's Cabinet to be reviewed in the coming days, according to the report. (https://bloom.bg/2rwRQTT)

Beijing raised tariffs on U.S. auto imports to 40 percent in July, forcing many carmakers to hike prices.

"China has agreed to reduce and remove tariffs on cars coming into China from the U.S. Currently the tariff is 40%," Trump had tweeted last week.