China will reduce duties on cars imported from the United States for 90 days

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The Ministry of Finance of China announced that starting from January 1 for a period of 90 days the duties on cars imported from the USA will be reduced from 40% to 15%. This move will ease trade tensions between Beijing and Washington. According to forecasts, by the end of this year, car sales in China are expected to decline for the first time in 28 years, due to the trade war with the United States and a slowdown in the growth rate of the Chinese economy. The decision of the Chinese authorities to reduce duties will have a positive impact on American manufacturers General Motors and Tesla, and European BMW and Daimler, supplying their cars to China.

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