REPORT: Chinese president vows to cut auto tariffs and warns on ‘Cold War mentality’

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DML News brings you the following information from NIKKEI.COM:

BOAO, China — Chinese President Xi Jinping on Tuesday unveiled a broad set of measures to open up the country’s economy, including lower import tariffs on cars and relaxed restrictions on foreign ownership in the automotive sector.

The president’s highly anticipated speech to the Boao Forum, held in China’s southern province of Hainan, was widely seen as an attempt to calm trade tensions with the U.S. This was Xi’s first public address since the friction intensified last week, when both countries said they would slap tariffs on $50 billion worth of each other’s imports.

The article went on to state the following:

“Opening up was key to China’s growth over the past 40 years,” Xi said. The country’s doors “will not be closed and will even open wider.”

This comes after President Trump called differing tariff rates for American and Chinese autos “STUPID TRADE” in a Monday morning tweet. In the speech, without mentioning the United States by name, Xi also said China “does not seek a trade surplus” and wants a “greater balance of international payments,” though he warned against “Cold War and zero-sum mentalities.”

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