China has announced a 90-day suspension of tariff hikes on $126 billion of U.S. cars, trucks and auto parts following its cease-fire in a trade battle with Washington that threatens global economic growth. The tax agency said the suspension that takes effect Jan. 1 is intended to carry out the agreement reached by Presidents Donald Trump and Xi Jinping during a Dec. 1 meeting in Argentina. The agency said Beijing will suspend a 25 percent import charge on $66 billion of cars and trucks and a 5 percent charge on $60 billion of auto parts. Trump agreed earlier to suspend planned U.S. tariff hikes due to take effect Jan. 1 on Chinese imports while the two sides negotiate.

Source: ABC News December 14, 2018 11:15 UTC