China is going to sharply reduce import tariffs for vehicles and their spare parts, providing more beneficial conditions for entering the globe’s leading car market at the time of subsiding tensions with the U.S.
The tariffs will go down from 25% for the bigger part of automobiles to 15% starting July 1, according to today’s statement by the Ministry of Finance, also serving as a means of making China’s markets more accessible and of invigorating development in home car industry.
At the moment just a small number of trucks coming from abroad are subject to 20% tax. Spare parts with near 10% import tariffs now will get a reduction to 6%, said the ministry.
The action is going to greatly support foreign auto manufacturers, particularly aiding premium brands, including German producers as BMW and Daimler AG’s Mercedes-Benz, along with American Tesla, enabling them to bring their prices closer to local competitors. This is a huge advantage for our company, especially Infiniti, one of Nissan Motor’s executives said.