The United States and China have agreed to cancel tariffs imposed on each other’s goods in phases. This will happen even as they work toward a permanent trade deal agreement.
However, they have not revealed the schedule over which the cancellations will take place.
“The trade war started with tariffs, and should end with the cancellation of the same,” said Gao Feng, China’s Ministry of Commerce spokesperson.
According to Gao, both countries will have to simultaneously cancel some tariffs on each other’s goods. This will enable them to reach the first phase of the trade deal.
Chinese negotiators now want the United States to drop 15% tariffs on about $125 billion worth of Chinese goods that took effect on 1st September 2019.
They are also seeking relief from earlier 25% tariffs on about $250 billion of imports, ranging from machinery and semiconductors to furniture.
An interim U.S.-China trade deal is widely expected to include a U.S. pledge to scrap tariffs scheduled for 15th December 2019 on about $156 billion worth of Chinese imports, including cell phones, laptop computers and toys.