China Finance Ministry: confirms cut to car import duty to 15%, effective 1 July

According to the latest headline flashing on the wires, China's Finance Ministry confirmed to cut import duty on car to 15% and tariffs for some auto parts to 6% effective from 1st July. 

The official confirmation comes amid easing US-China trade tensions and might be seen as a positive development towards avoiding a full-blown trade war between the world's two largest economies.