China, US Agree to Lift Existing Tariffs in Tranches -China Commerce Ministry

Chief trade negotiators of China and the United States will communicate in line with the instructions made by the

China, US Agree to Lift Existing Tariffs in Tranches -China Commerce Ministry

Tariff reductions in the preliminary deal, which has not yet been confirmed by the American side, could amount to a bargaining win for Beijing.

The US and China will roll back tariffs slapped on each others' goods in phases to help get their trade truce over the line.

China said it struck a tentative deal with the U.S.to start rolling back tariffs in phases, a potential sign of easing tensions amid a trade war that has cast global uncertainty on the economy for months.

But Beijing says cancelling tariffs is a precondition for any broader trade deal.

Trump and Xi had been attributable to meet at this month's gathering of Asia-Pacific leaders in Chile however that occasion was canceled attributable to protests there.

The two sides have been embroiled in a bruising trade war for more than a year, and have slapped punitive tariffs on hundreds-of-billions-of-dollars-worth of two-way trade. -China trade war, though experts warn that a final deal isn't over the finish line.

President Donald Trump agreed to postpone a deliberate tariff hike whereas lower-level officers hammered out particulars.

More complicated issues would be tackled in later negotiations, Ross said.

No one inside the White House would go on the record to confirm the division, and the United States Trade Representative's office has not commented on whether or not there will be tariff rollbacks.

One important condition for a limited trade agreement, Feng insisted, was that the US and China must remove the same amount of charges at the same time.

Tariff cancellation was an important condition for any agreement, Chinese Commerce Ministry spokesman Gao Feng said, adding that both must simultaneously cancel some tariffs on each other's goods to reach the phase one pact.

Trump stated China agreed to purchase as much as $50 billion of American farm items.

Stock markets gained on the reports, seeing them as a sign that a deal is getting closer.

Stock markets jumped as investors detected a thawing in previously frosty relations between leaders of the world's largest and second-largest economies.

The two sides had "constructive talks" in the past two weeks, he said.

Analysts say the phase one deal will fail to adequately address these issues, focusing largely on Chinese purchases of USA farm goods and intellectual property protections related to copyright and trademark issues.

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