China to cut tariffs on auto imports from 25 to 15%. The tariffs on components, on the other hand, will be reduced to 6%. This was announced by the Chinese Finance Ministry, explaining that the cuts will come into force on July XNUMXst.
Beijing's new move can be traced back to the new climate of trade truce between China and the United States, from which European car manufacturers could also greatly benefit.
It is no coincidence that the title was on the Frankfurt Stock Exchange this morning Volkswagen gains 1,5%, BMW climbs 1,6% and Daimler 1%, while in Piazza Affari le FCA shares they managed to mark an increase of 1,7%.
The new opening of the Chinese represents a further step forward after the decision arrived last April to allow foreign car manufacturers to own more than 50% of local joint ventures.
After months of threats and while half the world fears were mounting about a possible trade war between the two main economic powers on the planet, a phase of détente began in mid-May with the decision of US President Donald Trump remove the veto against ZTE, the Chinese telephony giant forced to interrupt its activities in the United States because it is accused of maintaining relations with Iran and North Korea.
The thaw turned into "near-peace" last Saturday, when Beijing and Washington announced an agreement: China will increase purchases of goods made in the USA and in this way the United States will significantly reduce its trade deficit with the Asian giant.
The new climate also favors détente with North Korea, despite the fact that the dictator of Pyongyang, Kim Jong-Un, recently threatened to cancel the meeting with Trump scheduled for June 12th.
