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As we've reported, a new set of tariffs have been added to American exports of large automobiles into China. Though some doubt the move will significantly affect the car market, it has already led to outrage in the U.S.
New tariffs on American auto exports came into effect on Thursday, hitting a vehicle export market worth nearly $4 billion USD.
Vehicles affected include SUVs and other large vehicles such as the Cadillac Escalade, made by General Motors Co, and the Jeep Grand Cherokee from Chrysler Group LLC. Their prices will rise by as much as 22 percent. This comes on top of existing duties as high as 25 percent.
GM, along with most American car-makers, had set up joint-ventures and factories in China, whose products are unaffected by the tariffs—which may mean shifting even more production to China than the companies have already done.
Some doubt the effect that the tariffs will have on actual sales, as most buyers of these vehicles are well-off enough not to be deterred by the rising prices.
[Liu Hongyan, Cadillac Buyer]: