China will steeply cut import tariffs for automobiles and car parts, opening up greater access to the world's largest auto market amid an easing of trade tensions with the United States.
Import tariffs will be cut to 15 percent from 25 percent for most vehicles from July 1, the Chinese Ministry of Finance said Tuesday, adding that the move is part of efforts to open up its markets and spur development of the local auto sector. A small number of imported trucks are currently taxed at 20 percent.
Import tariffs for auto parts would be cut to 6 percent from mostly around 10 percent, the ministry said in a statement.