Fraser Hammond - China to Reduce Tariffs on Imported Cars

TAIPEI CITY, Taiwan, April 12, 2018 (Newswire.com) - Fraser Hammond - Earlier this week, Chinese President Xi Jinping, announced plans to increase foreign access to China’s economy. Fraser Hammond analysts say that China has promised to lower import duties on autos and a range of other goods as well as to take greater steps to ensure that the intellectual property rights of overseas companies are better protected.

Xi’s announcement came as trade tensions between the US and China reach boiling point with the world’s two biggest economies in the process of implementing harsh trade measures against the other.

Earlier this week, the World Trade Organization reported that China has filed a complaint against the US challenging US President Donald Trump’s implementation of tariffs on imported metals. Fraser Hammond analysts say China has called for 60 days of negotiations with the US to try to reach a settlement with the US over their tariffs dispute.

In a speech at a recent summit, President Xi said that China aims to expand its imports in 2018 and that it will strive to import products that its population requires. He added that China is not looking for a trade surplus. He stated that the country has a very real desire to up its level of imports and see a better balance of international payment on the current account.

Jinping expressed his hope that other developed countries would stop imposing harsh duties and restrictions on the trade of China’s high tech goods. Jinping says that China remains committed to an open economy and fair trade that will benefit the global economy as a whole.

Source: Fraser Hammond