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China Is Significantly Reducing Imported Car Tariffs

On Tuesday, China's finance ministry announced the decision to cut import duties on most vehicles from 25 percent down to 15 percent.
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China Is Significantly Reducing Imported Car Tariffs

China is significantly reducing tariffs on imported cars and car parts.

The country's finance ministry announced the decision Tuesday. The reduction will cut import duties on most vehicles from 25 percent to 15 percent.

And tariffs on some automotive parts will go down to 6 percent.

The move comes a couple of days after tensions over a potential trade war between China and the U.S. seemingly let up.

U.S. Treasury Secretary Steven Mnuchin said Sunday the two countries are "putting the trade war on hold" and that they've agreed to halt tariffs.