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China Considers Lowering Tariffs on U.S. Cars
China’s central government is considering a proposal to lower its 40% tariff on vehicles from the U.S. to 15%, sources tell Bloomberg News.
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China’s central government is considering a proposal to lower its 40% tariff on vehicles from the U.S. to 15%, sources tell Bloomberg News.
China cut its 25% tariff on all imported cars to 15% in July. But it quickly raised the tax to 40% for U.S. vehicles in response to a 27.5% tax imposed by the Trump administration on cars from China.
The U.S. currently applies a 2.5% import tax on cars and 25% on light trucks from most countries other than China.
President Donald Trump describes China’s possible action as a concession he won when he and China President Xi Jinping agreed last week to a brief truce in their trade war. The pact suspended Trump’s threat to boost tariffs beyond the current 10%-25% on $200 billion worth of Chinese goods after this month.
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