China Shrinks Customs Duties on Imported Cars

China will reduce import duties for cars by 10 percent. This was reported by the Chinese Ministry of Finance, the World Agencies have reported.

The decrease will occur on July 1. Fees drop from 25% to 15%.

There will be a reduction of 6% for the taxes on auto parts.

The country also intends to open its markets and buy more US goods, the authorities say. Their statement comes days after China and the United States said they would calm down economic relations with each other and would not lead to a trade war.

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