Updated at 3:18 p.m. ET
China is cutting tariffs on vehicles from the U.S., but the biggest benefits could go to German automakers — and Tesla, the American electric-car maker.
Chinese President Xi Jinping signaled in a speech last month that the tariff cut would be coming. The foreign ministry confirmed it Tuesday: Tariffs will drop from 25 percent to 15 percent for imported cars. Tariffs on imported auto parts will fall to six percent.