China agrees to scale back tariffs on imported US cars: Trump

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 ceasefire 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 U.S. Currently the tariff is 40 per cent," Trump said on Twitter.

(With inputs from agencies.)