auto

China to cut auto tariffs on July 1

MNA Business Desk: China announced that it would cut tariffs on auto imports from July 1, the latest sign of a thaw in trade frictions with the United States.

Beijing has announced a flurry of liberalisations and reforms since coming under fire from the Trump administration and some European politicians for its protectionist policies.

The planned reduction in import duties from 25 percent to 15 percent is a boon for international carmakers keen to grow sales in the world’s largest auto market but may fall short of fulfilling US President Donald Trump’s expectations that Beijing match US tariffs of 2.5 percent, reported news agency.

Demands reportedly put to Beijing by Washington at the start of trade talks called on China to lower all tariffs to at least match those of the US.

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