China is reportedly close to cutting its tariffs on US cars, a big trade-war concession to Trump

The Chinese government is set to consider a reduction of tariffs on US cars and trucks, according to a new report, in a move that could help deescalate trade tensions between the US and China.

Bloomberg reported Tuesday that a proposal to cut China's tariffs on US autos to the 15% paid by other nations from 40% was submitted to China's cabinet and could be reviewed in the next few days.

While no final decision has been made, according to the report, the move would fulfill a promise touted by President Donald Trump in the days following his meeting with Chinese President Xi Jinping at the G20 summit.

"China has agreed to reduce and remove tariffs on cars coming into China from the US. Currently the tariff is 40%," Trump tweeted on December 2, the day after a dinner with Xi in Buenos Aires, Argentina.

The tweet was met with confusion as neither the US nor China included an auto-tariff reduction in its official statement on the agreements the two leaders reached.