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GM, Tesla shares rise after China says it will cut tariffs on car parts and vehicles

May 22, 2018

Via: CNBC

Auto stocks rose Tuesday after China said it will slash tariffs on some car parts and vehicles as part of ongoing trade negotiations with the United States.

The Chinese Finance Ministry said tariffs on certain vehicles will come down to 15 percent from as much as 25 percent while levies on some parts will be brought down to 6 percent effective July 1.

Shares of Ford, General Motors and Tesla all rose on the news, gaining about 1 percent on Tuesday.

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