China is lowering tariffs because of President Trump
China "will considerably reduce automobile import tariffs" this year, said its President, Xi Jinping (pictured above) yesterday. Last week, China had threatened to double taxes on imported American cars from 25 to 50 per cent.
According to Forbes, President Donald J. Trump is the reason China is lowering tariffs on cars shipped from the U.S. Forbes is a global media company, focusing on business.
Besides reducing the 25 per cent tax on American built cars shipped to and bought in China, President Jinping said he would "ease restrictions on foreign ownership in the auto industry as soon as possible."
American has a two and half per cent tariff on cars made and shipped from China.
Most cars sold in China are built there by U.S. automakers. Currently, foreign investors can own no more than half of any company based in China.
These remarks were part of the President Jinping's keynote address made yesterday at the Boao Forum for Asia 2018 annual meeting in Boao, Hainan Province.
Also there were Austrian President Vanderbelle, Philippine President Duterte, Mongolian Prime Minister Huzhalussouh, Dutch Prime Minister Rutte, Pakistani Prime Minister Abramovich, Singaporean Prime Minister Lee Hsien Loong, and the UN Secretary-General.
A similar event is scheduled for November. That is when the first China International Import Expo will be held in Shanghai.
The People's Daily is China's official state media outlet. It is the source of this story: