Mnuchin Says China Agrees to Lower Auto Tariffs; Beijing Silent

Trump jolted markets with announcement in tweet after G-20
Move would benefit carmakers that produce in U.S., like BMW

Bloomberg’s Kevin Cirilli reports on the U.S. and China agreeing to reduce auto tariffs. Markets: The Open." (Source: Bloomberg)

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By Shannon Pettypiece and Jie Ma

December 3, 2018 at 4:14 AM UTC

Updated on

December 3, 2018 at 5:38 PM UTC

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Treasury Secretary Steven Mnuchin said China has agreed to eliminate tariffs on imported automobiles but declined to give details after President Donald Trump jolted car stocks by announcing a deal had been reached.

Trump said in a tweet late Sunday that China agreed to “reduce and remove” tariffs on American-made vehicles, raising more questions about the outcome of his meeting with counterpart Xi Jinping during the Group of 20 meeting in Argentina this weekend.