China cuts car tariffs; no word on steel
Duties to drop 40%, officials say
China has agreed to cut the duties it places on American-made cars from 25 percent to 15 percent. The new lower tariff takes effect June 1.
The announcement follows a joint statement Saturday that the two countries were pausing their talk of an escalating trade war while the two large trading partners try to reach an agreement. That means the U.S. and China appear to be holding off on slapping tariffs on a variety of each other’s products.
Absent from the announcement, however, was any news on the existing 25 percent tariff on imported steel and 10 percent tax on aluminum in place since late March. China has filed a complaint with the World Trade Organization over the levies, and a number of U.S. manufacturing and construction groups say the taxes are hurting members.