US-China agreement on mutual phasing out of customs duties


BEIJING (Beegsonews) – China and the United States agreed on Thursday to phase out their tariffs imposed in the months-long trade war.

The Chinese Ministry of Commerce said on Thursday that Beijing and Washington had agreed over the last two weeks to mutually eliminate tariffs at various stages.

China and the United States should exchange some tariffs in order to reach the “one phase” of the trade agreement, said ministry spokesman Gao Feng, adding that the elimination of tariffs is an important condition for any agreement.

Feng said that the rate of cancellation of the fees should be similar to the need to negotiate on the size of the fees to be canceled, noting that the trade war “began with fees and should end with the abolition,” according to “Reuters.”

A source said earlier that Chinese negotiators wanted the United States to abolish a 15 percent tariff on Chinese goods worth about $ 125 billion, which has been in effect since September 1, and want to abolish earlier tariffs on imports of machinery, semiconductors and furniture worth about $ 250 billion.

Later, a source familiar with China’s negotiating position said Beijing was pressing Washington to “cancel all duties as soon as possible.”