China Slashes Car Import Taxes
China said it will cut auto import tariffs to 15 percent from 25 percent, in a move that will likely be a boost to overseas carmakers.
The cuts, effective July 1, fulfill a promise from the Chinese President. Reuters reports the cuts will especially help luxury brands, like BMW, Tesla, Porsche and Audi. Import tariffs for car parts will also decrease to 6 percent from 10 percent.