China said that it and the US have agreed to gradually eradicate the tariffs imposed during the lengthy trade war. Both countries agree to roll back the tariffs if they finally reach a deal.
The Chinese Ministry of Commerce, Gao Feng, said that the eradication of the tariffs will come in phases without specifying a particular schedule. Minister Gao underlined the significance of US-China tariffs eradication in the trade war.
“The trade war started with tariffs, and should end with the cancellation of tariffs,” he said. “In the past two weeks, the lead negotiators from both sides have had serious and constructive discussions on resolving various core concerns appropriately.”
“Both sides have agreed to cancel additional tariffs in different phases, as both sides make progress in their negotiations,” he added.
The news pertaining to tariffs eradication prompts other parties to issue a statement as well. China plans to cut of tariffs on US agricultural products while the US plans to erase the tariffs on intellectual property.
However, many analysts are being skeptical about the tariffs cancellation will not annihilate the very first cause of the war. The trade war began with additional tariffs implementation. But, the cause was actually the dissimilar views of the two countries and allegations over abuse of power and technology.
That said, an attempt to exterminate unnecessary tariffs is worth praising. Also, to discuss the matter further, President Donald Trump and President Xi Jinping will meet in a reportedly unknown date.
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US-China Trade Deal Signing and Tariffs Eradication Could Take Longer
An official from the Trump administration informed Reuters that the meetings between President Donald Trump and President Xi Jinping pertaining to Phase One deal will face a delay. Additionally, the meeting can take place in December.
The venue to hold the signing is uncertain. However, many parties have offered suggestions for the most appropriate time and place to conduct the signing.
Among all the suggestions, the most popular is London. In particular, both presidents could meet right after the end of the NATO summit which President Trump has to attend.
Other optional venues include the ones in Asia and Europe, but popular votes may go to either Sweden or Switzerland. Previously, Trump offered the meeting to take place at Iowa, the US. His suggestion, however, was most likely declined.
“Negotiations are continuing and progress is being made on the text of the phase one agreement. We will let you know when we have an announcement on a signing location,” said Judd Deere, a White House spokesman.
