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

http://www.foxnews.com/world/2018/04...ashington.html

Excellent!!

Chinese president vows to 'significantly lower' auto import tariff amid trade dispute

By Brett Samuels - 04/09/18 10:56 PM EDT

Chinese President Xi Jinping said Tuesday he’s willing to further open his country’s markets and reduce auto import tariffs amid the exchange of economic threats between the U.S. and China.

The Associated Press reported Monday that Xi said at a business conference that he would move to “significantly lower” China’s auto import tariffs and lessen restrictions on foreign ownership in its auto industry.

Though Xi did not mention President Trump by name, his openness to altering his country’s economic policies comes as the Trump administration and China have traded threats in recent weeks over potential tariffs.

After the U.S. unveiled a list of $50 billion in potential tariffs on Chinese products, Beijing responded with plans to implement billions in penalties on U.S. soybeans, cars and other items.

Trump then ratcheted up his rhetoric last week, saying his administration would consider an additional $100 billion in penalties on Chinese products.

On Sunday, Trump touted his friendship with Xi and expessed optimism that Beijing will remove its “trade barriers because it is the right thing to do."

The back-and-forth has prompted concerns that Trump will spark a global trade war and hurt American workers, particularly farmers who export their crops to China.

Trump on Monday acknowledged that U.S. farmers could be disproportionately affected by trade disputes with China but said they will ultimately "understand" why the confrontation is necessary.

http://thehill.com/policy/finance/38...iff-amid-trade