China to reduce tariffs on imported cars amid trade talks
Import tariffs on cars will be reduced to 15% from 25%, while those on car parts will be cut to 6% from between 8% and 25%
Shares of US carmaker General Motors rose $0.19 to $38.28, while those of Ford were up $0.01 at $11.52 on the news. China imported 1.2m cars last year, which accounted for roughly 4% of the vehicles sold in the country
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