U.S. and China agree to cancel existing trade tariffs in phases

Gao Feng, a spokesperson for China’s Commerce Ministry, said that the U.S. and China have agreed to simultaneously cancel some existing tariffs on one another’s goods, according to the country’s state broadcaster.

Sam Meredith for CNBC:

China’s Commerce Ministry said Thursday that Beijing had agreed with Washington to lift existing trade tariffs between the two nations in phases.

The ministry spokesperson said that both sides were closer to a so-called phase one trade agreement after 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.

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.

MacDailyNews Take: Is that a flicker of light at the end of the tunnel or will Lucy pull the football once again?


  1. Almost guaranteed but am fully expecting a “Huge, never ever in American history has a president of the US won such an unprecedented trade war victory! Yours Truly President Trump did what the fake media said was impossible. MAGA” tweet meanwhile.

    1. I’m pleased the tariff fiasco has taken a downturn, but in reality, what has been “won?” Until it’s been confirmed China has committed (that’s funny) to businesses being able to operate in-country without mandated technology exchange and stealing IP, the news today (likely) just means the food-fight has halted and Wall Street (and APPL shareholders) get another period of gain.

  2. I’m assuming this means (IF it actually gets implemented) that the new tariffs from each side that have been put into place since January 1997 will be removed and that the historical tariffs will still be enforced. I would be very surprised if the two coutries eliminated ALL tarfifs, even the historical ones. There are a few of those that China would fight tooth and nail to keep in place.

    So… if my assumption is correct, what have we accomplished since January 1997?

  3. Lucy has already won.

    Trump caved agreeing to first cut tariffs rather than China first giving in to his demands. In the end, Trump will give up and the Farmers will be totally pissed at having suffered so much and gotten so little in return other than being labelled Welfare Queens.

    The Chinese have Trump on the run.

      1. iro·​ny | \ ˈī-rə-nē
        The use of words to express something other than and especially the opposite of the literal meaning

        The major problem with your post Monitor, NO IRONY INTENDED.

        Simple appreciation for one of our great presidents turning the economy around, turning the country around from eight years of malaise and breaking free from the Democrat SHACKLES of Political Correctness.

        A fine resume to guarantee re-election in 2020… 🇺🇸

  4. What has been “accomplished” is pouring billions of dollars into the U.S. Treasury’s general fund.As an importer from China, I can tell you the Chinese business community has been hit hard by the trade war and their economy has been strongly impacted. Many companies have moved or are moving their production to other parts of SE Asia. So, the President certainly needs a “win” as he is under an incredible assault in the media for problems both imaginary and some of his own making. The Chinese need to stop the long term damage that can be caused by all major corporations (mostly American) moving out. Also, the Chinese are well aware that, if Donald Trump is defeated in the next election (he will not be convicted in the Senate and removed from office if the liberal extremists in the House actually do impeach him as all but the zealots understand this thing was ginned up) and is replaced by a Sanders- Warren-Biden Democrat, the last thing they will want to do is to reduce those tariffs and shrink the volume of cash pouring in (duh!). The Chinese and Trump, for different reasons, want to put the toothpaste back in the tube before next November.

      1. Sure, the Democrats would support him were he not so busy making all his own problems, right? Just like the Republicans really liked Obama but he just could not help making all his own problems. If you think any politician is humble, clean, innocent or gives a damn about you and your family, you need to get a grip on reality.

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