China suspends tariffs on some U.S. imports

Chinese authorities on Friday issued a 90-day suspension of tariff hikes on $126 billion worth of U.S. cars, trucks, and auto parts as the two countries sought peace in a trade war that threatens the global economy. China’s tax agency said the suspension covers a 25 percent import charge on $66 billion worth of cars and trucks and a 5 percent charge on $60 billion of auto parts.

U.S. President Donald Trump and Chinese President Xi Jinping reached agreements leading to the suspension on Dec. 1 at the G-20 economic summit in Argentina. Trump already imposed 25 percent tariffs on $50 billion of Chinese goods and planned to add a charge of 10 percent on $200 billion more Jan 1. Trump agreed to suspend the Jan. 1 tariff hikes, as well.