Article

2019-11-08 Economy

China, U.S. agree tariff rollback if phase one trade deal is completed

WASHINGTON/BEIJING (Reuters) - China and the United States have agreed to roll back tariffs on each others’ goods in a "phase one" trade deal if it is completed, officials from both sides said on Thursday, sparking division among some advisers to President Donald Trump.

The Chinese Commerce Ministry, without laying out a timetable, said the two countries had agreed to cancel the tariffs in phases.

A U.S. official, speaking on condition of anonymity, confirmed the rollback would be part of the first phase of a trade agreement that is still being put to paper for Trump and President Xi Jinping to sign.

White House spokeswoman Stephanie Grisham told Fox News Channel the United States is "very, very optimistic" about completing a deal that would defuse a 16-month trade war between the world’s two largest economies.

Posted by Besoeker 2019-11-08 02:25|| || Front Page|| [11133 views ] Top

#1 Pity.
It would be a lot better for Americans to get income tax cuts than Tariff cuts.

Posted by Bright Pebbles 2019-11-08 04:37|| 2019-11-08 04:37|| Front Page Top

#2 This is how you negotiate. Raise the tariffs, then negotiate them down. No threats, no lobbying, no jawboning about raising them. Put them in place and let the parties decide what is best in their interests.

Posted by Procopius2k 2019-11-08 06:45|| 2019-11-08 06:45|| Front Page Top

#3 The US slide to a a $trillion annual trade deficit is being greased.

Posted by Thamble Omins9157 2019-11-08 10:03|| 2019-11-08 10:03|| Front Page Top

#4 A U.S. official, speaking on condition of anonymity, confirmed the rollback would be part of the first phase of a trade agreement that is still being put to paper for Trump and President Xi Jinping to sign. White House spokeswoman Stephanie Grisham told Fox News Channel the United States is “very, very optimistic” about completing a deal that would defuse a 16-month trade war between the world’s two largest economies.
and
White House trade adviser Peter Navarro, however, said in an interview with Fox Business Network: “There is no agreement at this time to remove any of the existing tariffs as a condition of the phase one deal.” “They’re just negotiating in public, trying to push this in a direction,” Navarro said of reports he said were put out by “Chinese propaganda press.”

Talk about mixed messages.

Posted by Thamble Omins9157 2019-11-08 10:10|| 2019-11-08 10:10|| Front Page Top

#5 The companies that left China for elsewhere are not likely to move back again after the resolution of Phase 1.

Posted by trailing wife 2019-11-08 13:07|| 2019-11-08 13:07|| Front Page Top

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