Allegedly the tariff wars between two of the world’s most significant economic powers might be embracing a ceasefire which should come to the relief of those working in or around the auto industry (including yours truly).
China will temporarily drop a retaliatory 25 percent tariff on imported US cars as the two countries try to work toward a resolution of the recent trade war, Chinese government officials announced on Friday. The government there had tacked that 25 percent tariff onto an existing 15 percent import tax earlier this year as part of the escalation between the two sides. (The Verge)
In typical Trump fashion, the President first announced this alleged deal on Twitter.
China just announced that their economy is growing much slower than anticipated because of our Trade War with them. They have just suspended U.S. Tariff Hikes. U.S. is doing very well. China wants to make a big and very comprehensive deal. It could happen, and rather soon!
— Donald J. Trump (@realDonaldTrump) December 14, 2018
Despite what government propaganda on both sides have been proclaiming, these Tariff Trade Wars have been hurting the economies of America and China, with the only winners being those selling Doomsday Prepper gear.
Although it is unclear what kind of impact these tariffs are having upon China specifically, in America, both Ford and General Motors have announced layoffs in the tens of thousands as well as factory plant closures, respectively.
Hopefully, the (excuse my crassness) pissing match between President Donald Trump and
Dictator for Life President Xi Jinping ends soon, as the only ones getting wet are the citizens of America and China, respectively.