US President Donald Trump has welcomed promises made by his Chinese counterpart Xi Jinping to continue opening up China’s economy, praising Beijing’s “kind words” as a breakthrough in a looming trade war between the two countries.
On Tuesday, Xi pledged to allow foreign companies greater access to his country’s financial and manufacturing sectors, signaling lower tariffs on cars in a bid to neutralize a damaging trade war with the US.
“This year, we will considerably reduce auto import tariffs, and at the same time reduce import tariffs on some other products,” Xi said.
He also said that China would take measures to raise foreign equity caps in the banking, securities and insurance industries as it promised last year.
“We will ensure that these measures are materialized,” Xi told the Boao Forum for Asia conference.
Trump, who has threatened to impose tariffs on as much as $150 billion in US imports from China, gave Xi’s…