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11/7/2019, 8:32 AM (Source: TeleTrader)
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US, China agree to cancel existing tariffs in phases - Beijing

China's Commerce Ministry said on Thursday that it was agreed with the United States to cancel existing tariffs between the two countries in phases.

If the "phase one" trade deal is reached, existing tariffs "must" be canceled at the same time by both Beijing and Washington, with the same proportion, the ministry stressed, adding that a comprehensive trade agreement can only be signed under a condition that all tariffs are removed "simultaneously and proportionally."

The ministry's spokesman also noted that representatives of both sides remain in "close communication" to maintain "constructive" trade negotiations in hopes of reaching a comprehensive agreement.

Breaking the News / NI