China is to issue a statement early next week confirming its removal of controversial higher tariffs on imported auto parts according to Shanghai Securities News.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
The report cited unnamed sources from the China Association of Automobile Manufacturers (CAAM).
The tariff cut would mean the removal of regulations that have been in place since April 2005 that levy a 25% excess charge over the standard 10% tariff on imported auto parts. The higher charge has been applied if the imported parts make up 60% or more of the end-product’s value.
The WTO has ruled that the tariff increase was against its rules and China has reportedly failed to appeal the ruling.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData
