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China, U.S. have agreed to cancel tariffs in phases: Beijing

Arirang News 2019-11-07

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중국 "미국과 협의 진전 따라 단계적 관세 철폐 합의"

Washington and Beijing agreed to cancel tariffs targeting each other.
The Chinese Commerce Ministry says the content of the "phase one" trade deal should determine how many duties will be rolled back at first.
Kan Hyeong-woo zooms in on the welcome signs.
The U.S. and China have moved a step closer to end their months-long trade war.
"For the past two weeks leaders from both sides had serious and constructive discussions on the proper resolution of each other's core concerns and agreed, according the agreement's progress, to cancel tariffs in phases."
During a press briefing on Thursday,...the Chinese commerce ministry said removing tariffs at the same time and by the same proportion is an important condition for Beijing to reach an agreement.
"The trade war started with tariffs, and should end with the cancellation of tariffs. Regarding how many tariffs should be cancelled at the first phase, it will be based on the content of the phase one agreement."
A deal between U.S. President Donald Trump and Chinese leader Xi Jinping was expected to be signed on the sidelines of the now-canceled APEC summit in Chile.
According to Reuters, a senior official in the Trump administration said an agreement between the two leaders could be delayed until December... as the two sides are still discussing the actual terms of the deal and the venue where the deal will be inked.
Kan Hyeong-woo, Arirang News.

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