Auto Import Tariffs | Pixr8 News

China's Finance Ministry has announced to slash import tariffs for automobiles and car parts thus opening up greater access to the world’s largest auto market amidst easing of trade tensions with the US. The government will cut down imports to 15% from 25% which will be effective from 1 July as an effort to open up China’s markets and spur development of the local auto sector, as reported by Ministry of Finance. Interestingly, China had said last month that it would announce a timeline to remove long-standing caps on foreign ownership of automotive ventures by slashing auto tariffs soon. This move will particularly prove beneficial for overseas carmakers especially those that import premium-end cars to China like Tesla Inc, Daimler AG’s Mercedes-Benz and Germany’s BMW. China's Hig...

Xi Jinping, President of China promised to lower down import tariffs on products including cars and open country's economy in a speech delivered on Tuesday over matters concerning around ongoing trade tensions between China and the United States. At present, a 25 percent import duty is levied on Chinese imports. In his address speech at Boao Forum for Asia, President said, "China's door of opening will not be closed and will only open wider." Going by the present market scenario, if a foreign company operating in China partners with a local manufacturer, former's stake will be limited to 50 percent of the joint entity. This can come off as a great news for Jaguar Land Rover, a subsidiary of Tata Motor's which are involved in selling Range Rover and other high-end models to China. ...

Tag: Auto Import Tariffs

China Cuts Down Auto Import Tariffs as Trade Fears Ease

China Vows to Open Economy, Reduce Auto Import Tariffs