China says it has agreed with the US to cancel existing trade tariffs in phases

China says it has agreed with the US to cancel existing trade tariffs in phases

(*)(**)(***)(****)China’s(*****) Commerce Ministry said Thursday that Beijing had agreed with (******)Washington(*****) to lift existing trade tariffs between the two nations in phases.(*******)(***)Gao Feng, a ministry spokesperson for China’s Commerce Ministry, said that both sides had agreed to simultaneously cancel some existing tariffs on one another’s goods, according to the country’s state broadcaster.(*******)(***)The ministry spokesperson said that both sides were closer to a so-called “phase one” trade agreement following constructive negotiations over the past two weeks.(*******)(***)One important condition for a limited trade agreement, Feng insisted, was that the U.S. and China must remove the same amount of charges at the same time.(*******)(***)Fresh hopes of a “phase one” trade agreement prompted U.S. stock index futures to rally Thursday morning, with Dow futures poised to open up more than (**************) points.(*******)(***)Market participants had expected the two economic giants to sign a deal later this month, after both Washington and Beijing spoke of progress in talks late last week.(*******)(***)However, Reuters reported on Wednesday that a meeting between President Donald Trump and Chinese President Xi Jinping could be postponed until December — delaying a chance for the two leaders to sign an interim trade deal.(*******)(***)The world’s two largest economies have imposed tariffs on billions of dollars’ worth of one another’s goods since the start of (*************), battering financial markets and souring business and consumer sentiment.(*******)(***)The Trump administration has been putting increasing pressure on Beijing to curb massive subsidies to state-owned companies and stop the forced transfer of American technology to Chinese firms.(*******)(***)But, analysts are skeptical that a “phase one” trade deal will effectively tackle these issues, suggesting the two economic giants will (********)need a more comprehensive agreement(*****) before market sentiment can be boosted sustainably.(*******)(*********)(*********)(**********)(***********)Read More(*****)

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