The move by China would reduce tariffs on cars made in the United States to 15 per cent from the current 40 per cent, in line with what other countries pay. The relief will last for three months from Jan 1.
"China just announced that their economy is growing much slower than anticipated because of our Trade War with them".
Tesla, which doesn't have local Chinese production yet, was among the first USA auto makers to raise prices in China, due to the heated trade tariff war in the summer. "U.S. is doing very well", Trump said.
The temporary tax reduction for USA auto imports comes as China heads for its very first annual vehicle sales decline in 28 years amid the trade war and an economic slowdown that's undermining consumption momentum. "It could happen, and rather soon!"
In an email to Barron's, a Tesla spokesman disputed the report of the 70-percent sales plunge, saying that the numbers obtained from an official at the association are "wildly inaccurate" and "off by a significant margin".
Joe Hinrichs, president of Ford Motor Co's F.N global operations, also welcomed Beijing's announcement, noting that the USA automaker exported almost 50,000 US -built vehicles to China in 2017.
"It is essential that governments work together to advance balanced and fair trade".
Ford shares rose 2 percent on Friday.
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Find out more here. "But for sure, I hope - it is better not to say for sure - I hope some will be available but for sure some will not be available".
Shares of BMW and Daimler, which import thousands of SUVs into China from plants in the United States, reversed earlier losses in Frankfurt on Friday tied to a weak European auto sales report.
Auto exports between the two countries are relatively small. China exported 53,300 vehicles to the United States market past year and imported 280,208 US-manufactured vehicles, according to data from the China Automotive Technology and Research Center (CATARC), a government-affiliated think-tank.
Exports of USA -made passenger cars to China fell by $2.4 billion, or 30 percent, in the first nine months of 2018, according to CNN.
Wang said vehicle makers in China that imported cars from the United States had seen a 30 percent decline in volume in the first 10 months of 2018, but the tariff cut would bring imports back to previous levels.
The decision could be welcomed among USA automakers and for companies like Germany's BMW and Daimler that retain plants in the United States.
The financial impact by fees in China for cars imported from the United States is expected to amount to nearly 300 million euros ($338 million) for the BMW Group in 2018, the company has said.
But the tangible move by China to suspend tariffs on cars and auto parts, as announced by Trump on Twitter shortly after the meeting, is a sign that trade negotiations remain on track. That would be almost 10 times the $13 billion worth of vehicles the United States exported to China past year.
The White House also officially delayed a rise in tariffs on $200 billion of products that had been due on January 1. Trump claimed he won a concession during talks with Xi and said China, the world's biggest automobile market, would reduce and remove tariffs, a claim that Beijing didn't immediately confirm.