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China Promises to Reduce Import Tariffs on Cars
China has pledged to “significantly lower” its 25% tariff on imported cars this year and loosen restrictions that have limited foreign ownership in Chinese businesses to 50% “as soon as possible.”
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China President Xi Jinping has pledged to “significantly lower” its 25% tariff on imported cars this year and loosen restrictions that have limited foreign ownership in Chinese businesses to 50% “as soon as possible.”
Xi says he also will expand protections for intellectual property. All three issues were cited by the Trump administration as reasons for announcing plans a week ago to impose 25% tariffs worth some $50 billion on select imported goods, including vehicles, from China.
When China responded a day later with its own set of $50 billion in punitive tariffs, President Donald Trump threatened to triple the U.S. taxes on Chinese products to $150 billion.
Xi, declaring that China is embarking on a “new phase of opening up,” further pledges to ease limits to foreign ownership in other sectors of Chinese business, such as banking. But he offers few details, and skeptics caution that the country has made similar vows before but failed to deliver.
Xi insists “a Cold War mentality and zero-sum game thinking are outdated,” adding that win-win results are possible only by “insisting on peaceful development and working together.”
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