A man walks next to the Volkswagen Group China office in Beijing on March 29, 2017.

Beijing's latest concession in a trade dispute with the U.S. will likely benefit Germany the most.

On Tuesday, China's Finance Ministry announced plans to cut tariffs on some foreign automobiles to 15 percent, down from as much as 25 percent. The lowered duties will take effect July 1 and come after the Trump administration agreed this weekend to hold off on imposing tariffs on $150 billion worth of Chinese goods.

China is a major market for U.S. automakers, and shares of General Motors and Ford rose more than half a percent in Tuesday trading.

But when it comes to global trade, Germany sells more passenger cars in China than any other country does, according to the China Association of Automobile Manufacturers.