China to Reduce Tariffs on U.S. Autos

China has agreed to cut tariffs on U.S.-built cars and auto parts to 15 percent from the current 40 percent, a Trump administration official told Reuters on Tuesday, setting the stage for new talks aimed at easing the bitter trade war between the world’s two largest economies.

Washington still had not received documentation nor timing details of the tariff reduction, the official said, speaking on condition of anonymity.

China’s plan was communicated during a phone call between Chinese Vice Premier Liu He, U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin on Tuesday morning Beijing time, the official said.

News of the move, also reported by other media outlets and automotive executives briefed on the talks, boosted automakers’ shares and helped lift U.S. shares more broadly before worries about a U.S. government shutdown prompted a pullback.

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