China Presses for Tariff Cut in Deal 11/14 07:20
China pressed Washington on Thursday to roll back punitive tariffs in a
tentative trade deal.
BEIJING (AP) -- China pressed Washington on Thursday to roll back punitive
tariffs in a tentative trade deal.
A tariff cut is an "important condition" for the agreement that is part of
talks on ending a costly trade war, said Commerce Ministry spokesman Gao Feng.
Beijing said last week American negotiators agreed to roll back penalties
imposed in September on $112 billion of Chinese imports if an agreement goes
ahead. President Donald Trump dismissed that a day later, jolting global
Trump postponed a planned tariff hike on $250 billion of Chinese goods after
announcing the "Phase 1" agreement Oct. 12. Negotiators have been working on
the details of the agreement since then.
"The trade war started with the imposition of tariffs, and it should also
end with the abolition of tariffs," Gao said at a regular news briefing. "This
is an important condition for the two sides to reach an agreement."
Negotiators are "discussing this in depth," Gao said.
Details of the Oct. 12 agreement have not yet been released. But it doesn't
address basic disputes about trade, Chinese industrial subsidies and technology
Economists say a final settlement is unlikely this year. Some have expressed
skepticism the two sides can complete the "Phase 1" deal.
Also Thursday, Asian stock markets fell after The Wall Street Journal
reported Chinese negotiators were reluctant to commit to a financial figure for
purchases of American farm goods.
Trump said Beijing would buy up to $50 billion worth, but Chinese officials
never have confirmed that.