China and US agree to phased rollback of extra trade war tariffs – SCMP

Haresh Menghani FXStreet

The South China Morning Post (SCMP) is out with a report, reconfirming the earlier statement by Chinese Commerce Ministry that the United States and China have agreed to remove additional tariffs in phases and that both sides are working to wrap up an interim trade agreement.

The report cited the ministry spokesman Gao Feng, saying that China and the US had extensive and serious discussions over the past two weeks to try to end their trade war. Gao was further quoted saying:

“If China and the US reach a phase-one deal, both sides should roll back existing additional tariffs in the same proportion simultaneously.”

“Economic and trade teams from both sides have been in constant communication. We hope to resolve our issues of core concern in an equal and mutually respectful manner.”

The latest remarks came amid uncertainty over the delay in the signing of a so-called "phase one" US-China trade deal until December and remained supportive of the intraday turnaround in the global risk sentiment.

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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