China Slashes Car Import Taxes

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.

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Bernie Sanders Announces Senate Reelection Bid

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