*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.
Kelly Ann Winget, founder of private equity firm Alternative Wealth Partners and author of 'Pitch the Bitch,' a financial guide for those often left out of the male-dominated investment world, spoke to Cheddar News about her experience as an LGBTQ+ manager in the industry.
With wedding season underway, couples can get overwhelmed with finances and planning. Guests also feel stressed, especially when being invited to several weddings. Ted Rossman, senior industry analyst with Bankrate.com, joined Cheddar News to discuss setting up a budget if attending multiple ceremonies.
Tracking Consumer Spending Trends With Tanger Outlets CEO Stephen Yalof
Meta has introduced Whatsapp Channels, a feature aimed at making the app a "private broadcast messaging product."
Edward Moya, chief market strategist with Oanda, joined Cheddar News to discuss Thursday's gains as investors were surprised by a jump in weekly job claims and as Wall Street braces for key inflation data and the Fed's latest policy announcement.
Rebecca Walser, financial planner and wealth strategist, offers some tips on how to bring everyday spending in line with budgets by avoiding certain purchases.
The number of Americans applying for unemployment benefits last week rose to its highest level since October 2021, but the labor market remains one of the healthiest parts of the U.S. economy.
Stocks are drifting Thursday, continuing this week’s lull as Wall Street waits for several big events next week.
Apple's new iOS 17 has some promising upgrades in store for group chats. Previously, when a iMessage group chat contained an Android user, it would lose features such as text editing and threaded replies. Now group chats will retain those features, even when there is a "green bubble" in the mix.
Workers at the Barnes & Noble in Manhattan's Union Square, one of the retail chain's signature stores and home to its corporate offices, have voted to unionize.
