Beijing and Washington agree to phase out tariffs
Economy News - Baghdad
BEIJING (Reuters) - Beijing and Washington have agreed over the past two weeks to abolish customs duties exchanged by countries in the months-long trade war at various stages, the Ministry of Commerce said on Thursday.
Ministry spokesman Gao Feng said China and the United States should reciprocate the cancellation of some tariffs in order to reach the "one phase" of the trade agreement.
He said during a regular press briefing that the cancellation of fees is an important condition for the conclusion of any agreement.
Gao told reporters that the rate of canceled fees should be identical with the need to negotiate the amount of fees to be abolished.
"The trade war started with fees and should end with its abolition."
He gave no timeframe.
A source told Reuters Chinese negotiators wanted the United States to cancel a 15 percent tariff on Chinese goods worth about $ 125 billion that has been in effect since September 1.
They also want to eliminate earlier tariffs on imports of machinery, semiconductors and furniture worth about $ 250 billion.
A source familiar with China's negotiating position said Beijing was pressing Washington to "cancel all duties as soon as possible."
US President Donald Trump and his Chinese counterpart Xi Jinping may sign an agreement this month at an undetermined location.