Trump Announces China Will Reduce Import Tariffs on American Cars
President Trump announced via Twitter yesterday that China will “reduce and remove” the 40% tariff currently imposed on American cars imported into China. Trump’s tweet was posted after he and Chinese President Xi Jinping met in Buenos Aires over the weekend and agreed to put a temporary hold on further tariffs while trade negotiations are underway. While American car brands are still struggling for a toehold in the huge Chinese car market, foreign brands like BMW and Mercedes-Benz, who sell U.S.-made cars in China, would benefit greatly from this move. No details have emerged on the timing or amount of the reduced tariffs.