China holds in-depth talks with U.S. on phase one of trade deal
BEIJING - China and the United States are holding “in-depth” discussions on a first phase trade agreement, and cancelling tariffs is an important condition to reaching a deal, the Chinese commerce ministry said on Thursday.
On Tuesday, U.S. President Donald Trump said a trade deal with China was “close” but offered no details and warned that he would raise tariffs “substantially” on Chinese goods without such a deal. “If both sides reach a ‘phase one’ deal, the degree of tariff cancellation should fully reflect the importance of the ‘phase one’ deal; and its importance should be appraised by both sides together. Both sides are conducting in-depth discussions on this now,” said Gao.
If an interim deal is finished and signed, it is widely expected to include a U.S. pledge to scrap tariffs scheduled for Dec. 15. “Cancelling tariffs is in the interests of producers, consumers, China, the U.S., and the world,” said Gao on Thursday.
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