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China Will Lower Import Tariffs to 15% on July 1
China’s ministry of finance says it will reduce the country’s import tariffs to 15% from 25% on July 1.
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China’s ministry of finance says it will reduce the country’s import tariffs to 15% from 25% on July 1.
The reduction, which compares with a 2.5% tariff on imports to the U.S., follows up on China’s pledge in April to ease barriers to its car market. China also says it will lower tariffs on imports car parts to 6% from about 10%.
Carmakers says the lower taxes will have the largest impact on luxury brands, which import a relatively large percentage of the vehicles they sell in China. Analysts say the cut will benefit German luxury brands in particular.
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