Asia stocks had rallied on the news that Washington and Beijing would not impose any new tariffs during a three-month grace period China has agreed to reduce and remove tariffs on cars coming into China from the US Currently the tariff is 40%,” Trump said WASHINGTON: China has agreed to scale back tariffs on imported US cars, President Donald Trump said Sunday, one day after agreeing with Xi Jinping to a cease-fire in the trade war between the world’s top two economies. Asia stocks had rallied on the news that Washington and Beijing would not impose any new tariffs during a three-month grace period, during which the two sides are meant to finalize a more detailed agreement. “China has agreed to reduce and remove tariffs on cars coming into China from the US Currently the tariff is 40%,” Trump said on Twitter.