Tesla Leads US Carmakers Higher After Trump Tweets on China Tariff Removal

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U.S. automakers surged Monday, while their European rivals booked the biggest single-session gains in more than a year, after President Donald Trump said China had agreed to lower tariffs on cars imported into the world’s biggest market following an agreement with Xi Jinping to suspend their simmering trade war at this weekend’s G20 summit in Argentina. A White House statement late Saturday said Trump will hold off on increasing tariffs on China-made goods, which were set to kick-in on January 1, for at least 90 days as the two sides negotiate a settlement on myriad trade, technology transfer and intellectual property theft disputes that have eroded relations for must of the past year. China’s Foreign Ministry told reporters Monday that it had been instructed to examine the removal of all trade tariffs between the two countries and Trump Tweeted that Beijing agreed to “reduce and remove” levies on cars made in the United States and sold in China.

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