The U.S. and China have agreed to remove trade tariffs in stages as part of a “phase one” trade agreement currently being negotiated, the Chinese Ministry of Commerce said on Thursday.
“In the past two weeks, top negotiators have had serious and constructive discussions on resolving issues of core concern. Both sides agreed to remove the additional tariffs imposed in phases as progress is made on the agreement,” ministry spokesperson Gao Feng said. “If China and the U.S. reach a Phase One deal, both sides should roll back existing additional tariffs in the same proportion simultaneously.”
Gao said that both sides will negotiate how much of the tariffs to eliminate based on the content of the final Phase One deal. Negotiations to finalize the deal are ongoing, and “economic and trade teams from both sides have been in constant communication,” he added.
Trump administration officials have yet to confirm the agreement to lift duties and the exact details regarding what tariffs may be eliminated remain unclear.
Welcome
