Trump tweets China to cut tax on US-made cars, revs up auto stocks

Trump, fresh from agreeing a 90-day ceasefire in his trade war with China at the meeting of the G20, said on Twitter

WASHINGTON: US President Donald Trump said China had agreed to cut import tariffs on American-made cars, buoying shares in BMW and Daimler AG which manufacture in the United States for export to the world’s biggest auto market.

Shares of Chinese car dealers also perked up on hopes that such a move could revitalise the domestic auto market that is poised for its first annual sales contraction in decades amid cooling economic growth and a debilitating US-China trade war.