BEIJING: China announced Tuesday that it would cut tariffs on car imports from July 1, the latest sign of a thaw in trade frictions with the United States. Trump has been following the issue closely and on Monday tweeted, "On China, Barriers and Tariffs to come down for first time." The tariffs cut comes after China earlier this year also announced plans to liberalise foreign ownership limits in the auto sectorThe two sides agreed to refrain from imposing tariffs threatened on billions of dollars' worth of goods that would have dented US-China trade. Earlier this year China also announced plans to liberalise foreign ownership limits which had forced most foreign carmakers into joint ventures with state-owned companies. China currently restricts foreign auto firms to a maximum 50% ownership of such joint ventures.

Source: Bangkok Post May 22, 2018 09:45 UTC