Economy

USA has agreed to roll back trade tariffs, PRC says

USA has agreed to roll back trade tariffs, PRC says”

"China's push for more tariff rollbacks is not seen derailing progress toward a trade deal".

"In the past two weeks, top negotiators had serious, constructive discussions and agreed to remove the additional tariffs in phases as progress is made on the agreement", the spokesman Gao Feng said. -China trade war, though experts warn that a final deal isn't over the finish line.

If the proposals go ahead it is likely to boost the global economy, which has been hammered by tensions between.

While the USA may be seeing record revenue from the tariffs, it may not last.

The Chinese Commerce Ministry said the two sides would decide how much tariffs would be rolled back in first phase.

Governments of the two biggest global economies have raised tariffs on billions of dollars of each other's goods in the fight over China's trade surplus and technology ambitions.

"Both sides have agreed to cancel additional tariffs in different phases, as both sides make progress in their negotiations".

United States trade representative, Robert Lighthizer, is one of several officials who have argued that the duties on the $250bn of goods are a way of making sure China lives up to its commitments and should be in place for the long term.

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.

Gao said that he had no further information on the location or timing. Beijing has yet to confirm the scale of its commitment.

But Chinese trade expert Huo Jianguo said the move was a vindication of Beijing's long-held position on the punitive tariffs.

China's imports of American soybeans and other goods tumbled more than 26% in the first nine months of this year following tariff hikes and orders to importers to find other suppliers.

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

Reuters said the USA also has confirmed it, citing an anonymous US official.

Those issues include US claims that China forces American companies to share intellectual property as a condition for doing business in the country, as well as allegations of Chinese industrial espionage.

US locations for a Trump-Xi meeting that had been proposed by the White House, including Iowa and Alaska, have been ruled out, according to a person familiar with the matter.

"There are still hurdles to be overcome but it is encouraging that, contrary to last spring, Chinese negotiators are sending more positive signals, as well as their USA counterparts", said Raoul Leering, the head of global trade analysis at the investment bank ING.



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