Wednesday, 13 November, 2019


China says U.S. agrees to lower tariffs

China says it has agreed with US to cancel tariffs in phases China, US agree to roll back additional tariffs
Conrad Doyle | 08 November, 2019, 12:21

USA stocks looked set to hit a fresh record high after the Chinese commerce ministry revealed that tariffs on goods worth hundreds of billions of dollars will be lifted in stages as progress is made on the deal.

"If China and the USA reach a phase one deal, both sides should roll back existing additional tariffs in the same proportion simultaneously", Feng added.

On Thursday, a Trump administration official confirmed the accuracy of reports of an agreement to roll back tariffs as part of phase one agreement.

Last month, the USA leader met with Chinese Vice Premier Liu He, leading the two countries to agree to a "phase one" deal that includes China's purchase of $40 billion to $50 billion worth of American agricultural products, as well as guidelines on intellectual property.

The US and China have agreed to roll back tariffs as part of any new trade deal, the two sides have said.

The US and China have imposed tariffs on each others' goods, worth billions of dollars worth of annual trade since previous year.

"Slowing global growth and the uncertainty surrounding the US-China trade tensions will continue to dampen trade prospects in China and demand for imports", Tommy Wu, of Oxford Economics, a research company, said.

More complicated issues would be tackled in later negotiations, Ross said.

Squeezed by the trade war with the United States, China's economy has continued to slide.

Share prices on Wall Street rose on Thursday, on expectations of significant progress in the trade talks.

Trump and President Xi Jinping were due to meet at this month's gathering of Asia-Pacific leaders in Chile but that event was canceled because of protests there.

News reports said Beijing wants 15% tariffs imposed in September on $125 billion of Chinese imports removed before it will make a formal commitment.

US President Donald Trump on Monday said progress in developing the text of a partial trade pact with China means he will likely be able to sign it next month. One possible location was London, where the leaders could meet after a North Atlantic Treaty Organisation summit that Trump is due to attend from December 3-4, the official said.

Gao said that he had no further information on the location or timing.

On Thursday, China sentenced three nationals to maximum punishments for smuggling fentanyl to the US, in one of its highest-profile moves yet against the illicit flow of opioids that Trump has made a bone of contention in broader trade talks between Washington and Beijing.

Trump had even asked American firms to stop working with their Chinese counterparts.

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