China’s president promises to cut auto import tariff

BEIJING (AP) — President Xi Jinping has promised to cut China’s auto import tariffs and ease restrictions on foreign ownership in its auto industry amid an escalating tariff spat with Washington.

In a speech Tuesday at a business conference, Xi made no direct mention of the dispute with President Donald Trump but pledged to open China’s markets further and improve conditions for foreign companies.

Xi said Beijing will “significantly lower” tariffs on auto imports this year and ease restrictions on foreign ownership in the auto industry “as soon as possible.”