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China Seeks to Defuse Trade War With Reversals on Cars, Corn

  • Tariff imposed on U.S. imports removed for three months
  • Additional 25% duty imposed on U.S. vehicles to be suspended
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Bloomberg’s Tom Mackenzie reports on the steps China took to defuse trade tensions with the U.S.(Source: Bloomberg)
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China took more steps to defuse trade tensions with the U.S., confirming it will remove the retaliatory duty on automobiles imported from America and preparing to restart purchases of American corn.

The 25 percent tariff imposed on vehicles as a tit-for-tat measure will be scrapped starting Jan. 1, the finance ministry said Friday. China also may buy at least 3 million metric tons of American corn, said people familiar with the discussions, who asked not to be named as the information is confidential.