China to cut auto import tariffs to 15% from 25%, starting July 1

China will cut import tariffs on passenger cars to 15 percent from the current 25 percent starting July 1, the Finance Ministry said Tuesday, as a step toward policy reform and opening up.The decision came days after Beijing agreed with Washington that China will "significantly" increase purchases of U.S. goods and services in an effort to reduce China's massive trade surplus with the United States.The agreement was reached during talks last Thursday and Friday in Washington, in a sign that trade tensions between the world's two largest economies are receding somewhat. U.S. President Donald…READ FULL ARTICLE