In recent times, US President Donald Trump said that he has not approved to remove levies on Chinese products, diminishing optimism about a coming resolution to sort out trade conflict. Prior to departing the White House on his way to Georgia, he said, “They would like to have a regression. I have not agreed to anything. China hopes to get somewhat of relapse, not a complete rollback since they know I would not do it.” The stocks dropped to their lows during their trading session after Trump’s remarks, as optimism had increased about the outlooks of the U.S. lifting duties. Gao Feng—Spokesperson for Chinese Commerce Ministry—said that negotiators from Beijing and Washington “agreed to eliminate the extra duties slapped on each other’s goods in different phases following they make progress” in striking a trade accord. Gao did not specify how much of the levies the two largest economies globally will revoke.
China and the U.S. have worked to ink what the White House has stated as a “phase one” trade deal. Trump expects to sort out notable gripes with Beijing’s trade practices, counting forced technology shifts and IP (intellectual property) theft, while obtaining more Chinese procures of the U.S. agricultural goods. The Trump government has imposed tariffs on over $500 Billion in Chinese products, whilst Beijing has put tariffs on around $110 Billion of American products. China had pitched for the U.S. to eliminate tariffs, which have the potential to cause havoc on the global economy, as a part of an accord.
On a similar note, recently, the rollback of tariffs on China faced strong opposition in the White House. A deal amid the U.S. and China to roll back current levies as a part of a “phase one” trade deal lately encountered a fierce internal conflict in the White House and from external advisers, sources well-known with the discussions stated. The proposal of a tariff rollback was not a part of the initial October “handshake” deal amid Liu He (Vice Premier of China) and President Trump, the sources added. Chinese officials stated that tariff cutback had been agreed, and a U.S. executive confirmed that was the case.
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