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China Will Drop Tariffs on U.S. Vehicles to 15%
China confirms reports that it will drop its import tariffs on American-made vehicles for three months, beginning Jan. 1.
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China confirms reports that it will drop its import tariffs on American-made vehicles for three months, beginning Jan. 1.
The move will return the country’s import tax to 15% from the current 40% on cars and light trucks shipped from the U.S. The additional 25% levy was imposed in July after the U.S. hiked its import duty on cars from China to 27.5% from 2.5%.
The gesture comes two weeks after Presidents Donald Trump and Xi Jinping agreed to a truce in the escalating trade war between the U.S. and China. The White House is expected to suspend its plan to impose tariffs on Jan. 1 that would affect an additional $200 billion in Chinese goods.
China’s tariff concession comes as its domestic car market heads for its first full-year decline in sales in nearly 30 years.
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