China to cut import tariffs for cars and vehicle parts – ministry

China will cut import tariffs for cars and vehicle parts, effective July 1, the Finance Ministry said on Tuesday. The move is part of Beijing’s efforts to further open up markets and spur development of the country’s auto industry, according to officials. Tariffs for qualifying vehicles would be lowered to 15 percent from either 20 percent or 25 percent currently, while import tariffs for auto parts would be cut to 6 percent, the ministry said. Washington and Beijing are nearing a deal that would remove an existing US order banning American companies from supplying Chinese telecommunications equipment maker ZTE Corp, Reuters reported Tuesday, citing its sources. Chinese authorities had put ZTE at the center of broader trade dispute between the two states.