China to Cut Tax on US-Made Cars, Trump Tweets; Auto Stocks Revs Up

Credit: Siyuwj

(From Reuters)

U.S. President Donald Trump said China had agreed to cut import tariffs on American-made cars, buoying shares in BMW (BMWG.DE) and Daimler AG (DAIGn.DE) who manufacture in the United States for export to the world’s biggest auto market.

Shares of Chinese car dealers also perked up on hopes that such a move could revitalize the domestic auto market that is poised for its first annual sales contraction in decades amid cooling economic growth and a debilitating U.S.-China trade war.

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