China Reduces Tariffs, Automakers Thrive

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  • “China has agreed to reduce and remove tariffs on cars coming into China from the U.S. Currently the tariff is 40%,” President Trump tweeted after a temporary truce in the U.S.-Sino trade war.
  • The move is a boon for automakers including Tesla (NASDAQ:TSLA), BMW (OTCPK:BMWYY) and Ford (NYSE:F), which manufacture in the U.S. for export to China.
  • The U.S. Trade Representative is also planning to meet with heads of automakers early this week.
  • Carmaker shares on the move premarket: TSLA +4%, F +3.8%, GM +3.6%; FCAU +2.8%.

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