China to Cut Auto Import Tariffs Amid Trade Consensus With US

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China to Cut Auto Import Tariffs Amid Trade Consensus With US

MOSCOW (Sputnik) – China has decided to cut import tariffs on automobiles and auto parts starting on July 1, the Customs Tariff Commission of the State Council, the country’s cabinet, said in a statement on Tuesday.

“To expand the reform and open up further, push forward structural reform on the supply end, boost transformation and upgrades in the auto industry and meet consumption demands from the ordinary people, from July 1, 2018, import tariffs on automobiles and auto parts will be lowered,” the statement said.

According to the statement, 135 types of tariffs for automobiles will drop to 15 percent, from the previous level of 25 percent, while four types of tariffs of 20 percent will also be lowered to 15 percent. In addition, 79 types of tariffs for auto parts will fall to 6 percent.

Following a Chinese delegation’s visit to Washington last week, both nations said they reached an agreement on trade-related issues and agreed to expand exports of US products to China.

Amid trade tensions between China and the United States in recent months, the US side has criticized Beijing’s excessive tariffs on automobiles that put US automakers in a disadvantaged position. According to figures from Chinese Customs, automobiles and auto parts imports from the United States reached $15 billion in 2017.

Sourse: sputniknews.com

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