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The tariff cut and its short- and long-term impacts on the industry

The swift move by the Ministry of Finance on May 22 to cut import tariffs for automobiles and components (see China reduces import tariffs for autos to 15 percent, components tariffs cut to 6 percent), coming just 42 days after President Xi Jinping vowed at the Bo’ao Forum for Asia on April 10 to do so, shows yet again China’s determination to further open up its market.

The ongoing trade tension between China and the U.S. – which has cooled off a bit recently – and the strong stance of U.S. President Donald Trump may have been a factor pushing the tariff cut forward, but nevertheless it was long-time coming.

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