Daily Archives: May 23, 2018

China slashes tariffs on imported cars

China is cutting the tariffs it charges on imported cars, giving a potential boost to foreign automakers in the world’s largest market.

The Chinese Finance Ministry said Tuesday that it will cut import duties on passenger vehicles from 25% to 15%, starting July 1.

The announcement, which fulfills an earlier pledge by Chinese President Xi Jinping, comes just days after China and the United States agreed to a ceasefire in their recent trade hostilities.

President Donald Trump singled China’s import duties on cars for criticism last month, pointing out that they’re far higher than the 2.5% the United States charges on imported cars. “Does that sound like free or fair trade?” Trump tweeted. “No, it sounds like STUPID TRADE – going on for years!”

 

Original Article: http://money.cnn.com/2018/05/22/news/economy/china-cuts-car-tariffs-imports/index.html