Carmakers rise on report of China’s move to cut US tariffs
China moves to cut import tariffs on American-made cars
Bengalaru — Vehicle manufacturers' shares rose on Tuesday following a report that China could move to cut tariffs on American-made cars, a step which was forecast by US President Donald Trump after a meeting with China’s president in Argentina. China is moving to cut import tariffs on American-made cars to 15% from the current 40%, Bloomberg reported on Tuesday, citing people familiar with the matter. The step has not been finalised and could still change, according to the report. Shares of US car makers including General Motors and Ford Motor rose about 2% in premarket trading on hopes that the move could revitalise sales that took a hit when China ramped up levies on US-made cars. European vehicle stocks also rallied 2.8% on the news, as several of the car makers build SUVs in the US and sell in China. BMW, Volkswagen and Daimler rose 2.3% to 4%. A proposal to reduce tariffs on cars made in the US to 15% has been submitted to China's cabinet to be reviewed in the coming days, acco...
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