'Big' China-US trade deal could happen 'rather soon:' Trump

China temporarily suspends tariffs on U.S. autos

The tariff costs rose more than seven-fold to US$1.3 billion, as the world's two biggest economies became embroiled in a trade war, according to data provided by the Consumer Technology Association and analysed by consulting firm The Trade Partnership. China's trading partners, especially the USA, have complained that it has become a threat to technology and industrial operations around the world.

The tariff cuts come after a December 1 meeting in Buenos Aires between U.S. President Donald Trump and Chinese President Xi Jinping. US Trade Representative Robert Lighthizer is leading talks to reach a deal on "structural changes" to China's economy by March 1. American officials also worry that Chinese industry plans calling for the state-led creation of global champions in robotics and other fields will threaten US industrial leadership. Automakers do not expect the United States to immediately cut its higher tariffs on Chinese imports in response to China's move.

The tariff suspension will benefit U.S. auto makers like Tesla and Ford which have seen their China sales tumble amid the trade tensions.

Meanwhile, China has indicated it plans to move ahead with the talks despite the arrest of Huawei chief financial officer Meng Wanzhou in Canada.

Earlier Friday, China halted extra punitive duties that had been imposed this summer.

China apparently retaliated by detaining two Canadians on suspicion of "harm to national security" - a phrase often used by Beijing when alleging espionage.

The White House also officially delayed a rise in tariffs on $200 billion of products that had been due on January 1.

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The tariff suspension will benefit USA carmakers like Tesla and Ford which have seen China sales tumble.

"We applaud both governments for working together constructively to reduce trade barriers and open markets", Hinrichs added.

BMW and Daimler have been hardest hit by the additional levies, shipping large numbers of sport utility vehicles from plants in the United States to China. That would be almost 10 times the $13 billion worth of vehicles the United States exported to China previous year.

For now, the National People's Congress Standing Committee has not provided details about the draft legislation.

Part of that could be because of slowing Chinese auto sales.

China's top officials on the Politburo said in a statement Thursday that major economic indicators will be kept within a reasonable range next year.

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