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12/13/2019, 4:05 PM (Source: TeleTrader)
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China confirms phase one trade agreement with US

Chinese Vice Minister of Commerce Wang Shouwen confirmed on Friday that Beijing reached an agreement with the United States on the text of the phase one trade deal. As part of the agreement, Washington will begin removing tariffs on Chinese goods phase by phase, he said.

"China believes that as the top economies in the world, China and the US should bear in mind the larger interests of a trade agreement," he explained, adding that it is in the "fundamental interest" of the rest of the world as well. The agreement is consistent with "deepening reforms in China and its policy of opening-up," Wang concluded.

Earlier, it was reported that US President Donald Trump signed off one the deal, as well as that Washington offered to cut tariffs by 50% and cancel the ones that were set to kick in on December 15. Trump disputed the latter report.

Breaking the News / JC