China plans to reduce imports duties on foreign cars from 25 to 15 percent. To avoid additional punitive taraiffs from the US, the country has pledged to ease restrictions on foreign investment in the auto, aircraft and shipbuilding industries.
Global trade tensions have been brewing for months with tariffs and counter-tariffs flying between the US, China and several other countries. The US government has now challenged some of the tariffs at WTO level.
US officials have revealed a list of Chinese goods they will be targeting with 10 percent tariffs, raising fears of an escalating trade war. US retailers have slammed the decision, as has China itself.
Chinese officials condemned US punitive tariffs, threatening that it could launch "the biggest trade war in history." Beijing plans to bring the trade dispute to the World Trade Organization.
Government consultations between Germany and China in Berlin on Monday aim to send a signal of closer bilateral cooperation in light of a worsened trade spat with the US. But some hurdles have yet to be overcome.
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