China move to cut tariffs bears out Trump G20 tweet

In traffic: Cars on a motorway in Shanghai – since July China has slapped a 40pc tariff on American-made cars

Bloomberg News

China is moving toward cutting its trade-war tariffs on imported US-made cars, a step already claimed by US President Donald Trump as a concession won during trade talks in Argentina.

A proposal to reduce tariffs on cars made in the US to 15pc from the current 40pc has been submitted to China's Cabinet to be reviewed in the coming days, according to people familiar with the matter. Shares of carmakers including Daimler, Ford and Tesla rose on the news.