The United States and China recently agreed to a phased rollback of tariffs imposed during the months-long trade war, according to the Chinese commerce ministry, whose spokesperson Gao Feng said yesterday that both the countries must simultaneously start removing some tariffs on each other's goods to ensure they are able to reach a ‘phase one’ deal.
The removal of tariffs is an important condition for the sparring countries to come to an agreement, he said at a press briefing. He did not, however, offer a timeline.The United States and China recently agreed to a phased rollback of tariffs imposed during the months-long trade war, according to the Chinese commerce ministry, whose spokesperson Gao Feng said yesterday that both the countries must simultaneously start removing some tariffs on each other's goods to ensure they are able to reach a 'phase one' deal.#
China reportedly wanted the United States to drop the 15 per cent tariff that went into effect on September 1 on about $125 billion worth of Chinese goods. It is also seeking relief from earlier 25 per cent tariffs on about $250 billion of imports from machinery and semiconductors to furniture.
A deal may be signed this month by US President Donald Trump and Chinese President Xi Jinping at a yet-to-be determined location, according to a news agency report.
Fibre2Fashion News Desk (DS)
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