BMW

China cutting auto import taxes as of July 1

China said Tuesday it will reduce auto import duties effective July 1 following pledges to buy more U.S. goods and end restrictions on foreign ownership in the industry.

President Xi Jinping promised the changes in April amid mounting pressure from Washington to narrow China's multibillion-dollar trade surplus with the United States, though Chinese spokespeople said they had nothing to do with that dispute.

The Finance Ministry said charges for many imported vehicles will be cut from 25 percent to 15 percent to promote development of the Chinese industry and increase availability of goods for consumers. That still would be higher than the 2.5 percent U.S. tariff on imported...

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