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China Move to Cut Duties on U.S. Imports Lifts Auto Stocks

  • Cabinet to consider 15% tariff in coming days, people say
  • Toyota, Hyundai follow European peers higher on the news
Bloomberg business news
China Is Said to Move Toward Cutting Trade-War Car Tariffs
Updated on

Progress toward easing the steep tariffs China imposed on U.S. vehicle imports this year lifted carmaker stocks across the globe, as investors wagered on a thawing of tensions that have damaged the world’s biggest automotive market.

Toyota Motor Corp. and Hyundai Motor Co. tracked earlier gains for Daimler AG, General Motors Co. and Tesla Inc. after Bloomberg News reported that a proposal to eliminate the 25 percent surcharge slapped onto U.S.-made cars this year has been submitted to China’s cabinet. The plan would be reviewed in coming days, people familiar with the matter said.