Tech & News

China Cuts Car Tariffs, in Latest Peace Offering to U.S. on Trade
Time:2018-05-31

China’s Finance Ministry said on Tuesday that it would trim tariffs on imported cars to 15 percent of their wholesale value, from 25 percent. It also cut tariffs on imported car parts, 

reducing them to a standardized 6 percent. 



The moves are intended to address longstanding complaints from the Trump administration and global automakers that China’s tariffs on imported cars are much too high.



Chinese tariffs will still be relatively high, however, and the change is unlikely to motivate automakers to shift production away from China.



American and Chinese officials have moved in recent days to calm trade tensions that have mounted since the beginning of the year.



President Xi Jinping of China had promised at a forum last month that his government would reduce automotive tariffs but had not said by how much. 



Lower tariffs on imported components will make it more attractive for global manufacturers to do much of their final assembly in China, 

since they will not have to pay as much to import high-tech parts made elsewhere.



Cementing China’s role as the leading country for car assembly will help Beijing move the economy toward more sophisticated industries



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