China makes trade concession to US by opening car industry to foreigners

China makes trade concession to US by opening car industry to foreigners

The first sign that China is willing to bend to US policy demands came yesterday when Beijing lifted ownership rules that limit foreign investment in Chinese carmakers. China stated they would end foreign ownership caps on electric vehicles, shipping, and aircraft manufacturing by the end of 2018. This concession does not come without consequences, however. China also announced a 178% import duty on US sorghum crops.

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