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China will steeply cut import tariffs for cars and components, the country's finance ministry said, opening up greater access to the world's largest auto market amid an easing of trade tensions with the U.

S.

Import tariffs will be cut to 15 percent for most vehicles from 25 percent starting July 1, the Ministry of Finance said in a statement, adding this was part of efforts to open China's markets and spur development of the local auto sector. A small number of imported trucks are now taxed at 20 percent.



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China Caves To Trump Pressure - Slashing Import Tariffs Starting July 1st

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