China Cuts Car Tariffs in Latest Move to Ease U.S. Trade Tensions
*By Alisha Haridasani*
China announced Tuesday it is cutting tariffs on imported cars and car parts, the government's latest attempt to ease trade tensions with the United States and appease President Trump.
China, the [world’s largest auto market](https://www.cnbc.com/2011/09/12/Worlds-10-Largest-Auto-Markets.html?page=11), will reduce from 25 percent to 15 percent import tariffs on the wholesale value of foreign-made vehicles. It also said it will slash tariffs on auto parts to as low as 6 percent.
The reduced tariffs, however, may not amount to a huge change for American and other foreign carmakers. More than [90 percent](https://www.nytimes.com/interactive/2017/business/trade-china-protectionism.html) of the foreign model cars sold in China are made there, at factories established over two decades by automakers including General Motors and Ford. Tesla is one of the few American carmakers that has not set up a facility in China, but may have designs to do so.
Most of the cars imported in China are [luxury brands](https://www.bloomberg.com/view/articles/2018-05-22/donald-trump-does-a-favor-for-germany-s-car-giants-chris-bryant), like BMW or Mercedes-Benz.
Last month, China also announced it will allow full foreign ownership of car production facilities. Beijing has required foreign carmakers to establish 50-50 partnerships with Chinese firms in order to manufacture cars in China.
The auto industry had been a major point of trade negotiations between China and the U.S., and a priority for President Trump. In a [tweet](https://twitter.com/realDonaldTrump/status/983284198046826496) last month, he singled out the auto tariffs as a sing of the imbalance in the countries' trade policies, saying that the U.S. only levies a tariff of 2.5 percent on all imported cars. “Sounds like STUPID TRADE!” he said.
Astronauts will have to wait until next year before flying to the moon and another few years before landing on it. NASA on Tuesday announced the latest round of delays in its Artemis moon-landing program.
The Biden administration has enacted a new labor rule that aims to prevent the misclassification of workers as independent contractors. The labor department rule going into effect Tuesday replaces a scrapped Trump-era standard that lowered the bar for classifying employees as contractors
The KC-46 was to be the ideal candidate for a fixed-price development program. Instead, it has cost Boeing billions, and made industry wary of such deals.
Dave Long, CEO and Co-Founder of Orangetheory Fitness joins Cheddar to chat trends in the industry for 2024. He updates us on the company's plans to expand and what the state of the economy has meant for business.
One of the world's largest renewable energy developers will be getting hundreds of wind turbines from General Electric spinoff GE Vernova as part of a record equipment order and long-term service deal.
A moon landing attempt by a private US company appears doomed because of a fuel leak on the newly launched spacecraft. Astrobotic Technology managed to orient the lander toward the sun Monday so its solar panel could capture sunlight and charge its onboard battery.
Treasury Secretary Janet Yellen has announced that 100,000 businesses have signed up for a new database that collects ownership information intended to help unmask shell company owners. Yellen says the database will send the message that “the United States is not a haven for dirty money.”
A new version of the federal student aid application known as the FAFSA is available for the 2024-2025 school year, but only on a limited basis as the U.S. Department of Education works on a redesign meant to make it easier to apply.
A steep budget deficit caused by plummeting tax revenues and escalating school voucher costs will be in focus Monday as Democratic Gov. Katie Hobbs and the Republican-controlled Arizona Legislature return for a new session at the state Capitol.
