New cars are expensive, as any loan-seeking, numbers-crunching car shopper will tell you. Huge tariffs on imported cars and parts, the saber being rattled by President Trump in an impending trade war, could make them prohibitively expensive. How expensive? Prices of American-made cars would surely soar in turn, in part because automakers would spread tariffs—also known as customs duties— throughout their lineups to soften the blow and hedge their position in foreign markets.
What Your Favorite Import Cars Will Cost After Trump's Tariffs Kick In
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China's Finance Ministry said on Tuesday May 22 that the levy will be lowered effective July 1 from the current 25 per cent that has been in place for more than a decade. Bloomberg News had reported last month April that China was weighing proposals to reduce the car import levy to 10 per cent or 15 per cent. While the levy reduction could be claimed in some quarters as a concession to Mr Trump and will be a boon to US carmakers such as Tesla, the move will also end up benefiting European and Asian manufacturers from Daimler to Toyota Motor. Beijing has also pledged to slash ownership limits in the car sector as well as in banking, and last November reduced import tariffs on almost categories of consumer products. China announced on May 18 that it would end its anti-dumping and anti-subsidy investigation into imports of US sorghum, citing public interest. That move, coupled with recent steps including restarting a review of Qualcomm's application to acquire NXP Semiconductors, signal a conciliatory stance from the Chinese side.
China to cut car import duty to 15 per cent as trade war fears ease
Southeast Asia boasts the longest history in Toyota's overseas expansion. The first distributors and the footholds for sales network expansion were established in the s. Toyota currently has 14 production companies in Thailand, Indonesia, Philippines, Malaysia, and other Southeast Asian countries. Under the Innovative International Multi-purpose Vehicle IMV project launched in , Thailand and Indonesia have become global production centers equal to South Africa and Argentina, and exports from the two countries are moving forward.
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