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.
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?