Xi promised to “significantly lower” tariffs on auto imports.
In a speech on Tuesday, Chinese President Xi Jinping announced the country will open its markets and slash tariffs on auto import.
It appears to be a concession to President Donald Trump, who has threatened tariffs on Chinese goods, which has led to fears of a trade war.
Xi did not mention Trump in his speech, but he promised to open China’s markets “and improve conditions for foreign companies.” Fox News continued:
CNBC said that Xi described “China as a benevolent leader of the global economy, emphasizing that open systems are the best course of action for the world.” Man, us libertarians have been saying that years! CNBC continued:
Bloomberg noted that many watched Xi’s speech due to an impending trade war, but also because China has long promised to open its markets and yet went the other way with “more centralized control, market-access barriers and state support for local companies.”
Trump proposed $150 billion in tariffs on Chinese goods. The administration asked China “to reduce its trade surplus by $100 billion, cut tariffs on cars and stop forced technology transfers by foreign corporations, among other things.
