Thread: China's president promises to cut auto import tariff amid tariff tension with Washing

China's president promises to cut auto import tariff amid tariff tension with Washington

By Edmund DeMarche | Fox News
April 9, 2018 - 11:30 pm

China's President Xi Jinping on Tuesday promised to cut China's auto import tariffs and ease restrictions on foreign ownership in its auto industry amid an escalating tariff spat with Washington.

“We will take the initiative to expand imports,” Xi said during his keynote speech at the opening of the Boao Forum for Asia, China Plus News reported. "China does not seek trade surplus; we have a genuine desire to increase imports and achieve greater balance of international payments under the current account," he said.

Xi made no direct mention of the dispute with President Donald Trump but pledged to open China's markets further and improve conditions for foreign companies.

Xi said Beijing will "significantly lower" tariffs on auto imports this year and ease restrictions on foreign ownership in the auto industry "as soon as possible."

The Associated Press contributed to this report

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