Reduction of Chinese Tariffs on Cars Announced
17. April 2018In a speech at the 17th annual Boao Forum for Asia, on the Chinese tropical island of Hainan, Chinese President Xi Jinping announced the reduction of duties on imported cars. According to President Xi, the reduction would be expected for later this year. Currently, the import duty on vehicles is 25 percent. In addition, limits on foreign ownership of Chinese companies in shipbuilding, aircraft and automotive industries will be lifted in the future.
The announcement of import tariff reductions came after the threat of US President Donald Trump to impose high punitive tariffs on product groups worth around 100 billion euros. If the proposed reduction is implemented in China car manufacturers producing vehicles for China in Europe, the US and elsewhere outside China would benefit.
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