Carmakers in UK welcome tariff cuts

British automakers said that proposed cuts to Chinese import tariffs could offer a welcome boost to the country's car industry as it contends with declining exports to the European Union.

During his keynote speech at the Boao Forum for Asia 2018 this month, President Xi Jinping said that China would "significantly lower" tariffs on car imports this year and will also ease restrictions on foreign ownership in the car industry.

Last year, British car exporters were propped up by increased demand from China, Japan and the United States as exports to the EU fell by 5 percent, and overall exports dipped by 1.1 percent.