China have agreed with US to cancel tariffs in different phases
Skip to main content
  • Home
  • Economy
  • Stocks
  • Analysis
  • World+Biz
  • Sports
  • Splash
  • Features
  • Videos
  • Long Read
  • Games
  • Epaper
  • More
    • COVID-19
    • Bangladesh
    • Infograph
    • Interviews
    • Offbeat
    • Thoughts
    • Podcast
    • Quiz
    • Tech
    • Subscribe
    • Archive
    • Trial By Trivia
    • Magazine
    • Supplement
  • বাংলা
The Business Standard
THURSDAY, MAY 19, 2022
THURSDAY, MAY 19, 2022
  • Home
  • Economy
  • Stocks
  • Analysis
  • World+Biz
  • Sports
  • Splash
  • Features
  • Videos
  • Long Read
  • Games
  • Epaper
  • More
    • COVID-19
    • Bangladesh
    • Infograph
    • Interviews
    • Offbeat
    • Thoughts
    • Podcast
    • Quiz
    • Tech
    • Subscribe
    • Archive
    • Trial By Trivia
    • Magazine
    • Supplement
  • বাংলা
China have agreed with US to cancel tariffs in different phases

Global Economy

Reuters
07 November, 2019, 02:50 pm
Last modified: 07 November, 2019, 03:01 pm

Related News

  • US reinstates 352 product exclusions from China tariffs
  • US trade chief Tai to unveil Biden's China trade strategy on Monday
  • 'Tough' US-China talks signal rocky start to relations under Biden
  • Topic of potential Xi-Biden meeting not on agenda at Alaska talks: China
  • Troubled US-China ties face new test in Alaska meeting

China have agreed with US to cancel tariffs in different phases

An interim US-China trade deal is widely expected to include a US pledge to scrap tariffs on about $156 billion worth of Chinese imports

Reuters
07 November, 2019, 02:50 pm
Last modified: 07 November, 2019, 03:01 pm
Photo: Reuters
Photo: Reuters

China and the United States have agreed to cancel in phases the tariffs imposed during their months-long trade war, the Chinese commerce ministry said on Thursday, without specifying a timetable.

An interim US-China trade deal is widely expected to include a US pledge to scrap tariffs scheduled for December 15 on about $156 billion worth of Chinese imports, including cell phones, laptop computers and toys.

Tariff cancellation was an important condition for any agreement, ministry spokesman Gao Feng said, adding that both must simultaneously cancel some tariffs on each other's goods to reach a "phase one" trade deal.

"The trade war started with tariffs, and should end with the cancellation of tariffs," Gao told a regular news briefing.

The proportion of tariffs cancelled for both sides to reach a "phase one" deal must be the same, but the number to be cancelled can be negotiated, he added, without elaborating.

"In the past two weeks, the lead negotiators from both sides have had serious and constructive discussions on resolving various core concerns appropriately," Gao said.

"Both sides have agreed to cancel additional tariffs in different phases, as both sides make progress in their negotiations."

He did not give a timeline.

A source previously told Reuters that Chinese negotiators wanted the United States to drop 15% tariffs on about $125 billion worth of Chinese goods that took effect on Sept. 1.

They also sought relief from earlier 25% tariffs on about $250 billion of imports, ranging from machinery and semiconductors to furniture.

A person familiar with China's negotiating position said it was pressing Washington to "remove all tariffs as soon as possible".

A deal may be signed this month by US President Donald Trump and Chinese President Xi Jinping at a yet-to-be determined location.

Dozens of venues have been suggested for a meeting, which had originally been set to take place on the sidelines of a now-cancelled mid-November summit of Asia-Pacific leaders in Chile, a senior Trump administration official told Reuters on Wednesday.

One possible location was London, where the leaders could meet after a NATO summit that Trump is due to attend from Dec. 3-4, the official said.

Gao declined to say when and where such a meeting could be.

Since Trump took office in 2017, his administration has been pressing China to curb massive subsidies to state-owned firms and end the forced transfer of American technology to Chinese firms as a price of doing business in China.

World+Biz / Top News

US-China trade / US-China trade talk

Comments

While most comments will be posted if they are on-topic and not abusive, moderation decisions are subjective. Published comments are readers’ own views and The Business Standard does not endorse any of the readers’ comments.

Top Stories

  • Falling trade barriers and hyper-efficient logistics produced an age of abundance for many. But the last four years have brought an escalating series of disruptions.Source: Bloomberg
    Age of scarcity begins with $1.6 trillion hit to world economy
  • Turkey's President Tayyip Erdogan holds a news conference during the NATO summit at the Alliance's headquarters in Brussels, Belgium on 14 June  2021. Photo: Reuters
    Turkey has told allies it's a 'no' to Sweden and Finland's NATO bid - Erdogan
  • Photo: Courtesy
    Cabinet asks BB, finance, commerce ministries to report on prices of essentials

MOST VIEWED

  • A trader works on the floor of the New York Stock Exchange shortly after the opening bell in New York, US, January 24, 2020. Photo: Reuters
    World shares sink after inflation driven retreat on Wall St
  • Falling trade barriers and hyper-efficient logistics produced an age of abundance for many. But the last four years have brought an escalating series of disruptions.Source: Bloomberg
    Age of scarcity begins with $1.6 trillion hit to world economy
  • A man counts Pakistani banknotes along a roadside in Islamabad, Pakistan, November 16, 2017. REUTERS/Faisal Mahmood
    Pakistani rupee storms past 200-mark against US dollar in interbank
  • Russian Rouble coins are seen in front of displayed U.S. Dollar banknote in this illustration taken, February 24, 2022. REUTERS/Dado Ruvic/Illustration/File Photo
    Washington holds key to Russia's sovereign default
  • FILE PHOTO: Russian Energy Minister Alexander Novak attends the Energy Week International Forum in Moscow, Russia October 3, 2019. REUTERS/Evgenia Novozhenina
    Russia to send oil rejected by Europe to Asia, other regions, says Novak
  • FILE PHOTO - Workers load palm oil fresh fruit bunches to be transported from the collector site to CPO factories in Pekanbaru, Riau province, Indonesia, April 27, 2022. REUTERS/Willy Kurniawan
    Indonesia to lift palm oil export ban from Monday

Related News

  • US reinstates 352 product exclusions from China tariffs
  • US trade chief Tai to unveil Biden's China trade strategy on Monday
  • 'Tough' US-China talks signal rocky start to relations under Biden
  • Topic of potential Xi-Biden meeting not on agenda at Alaska talks: China
  • Troubled US-China ties face new test in Alaska meeting

Features

Sketch: TBS

'Food inflation is an unavoidable consequence of currency devaluation'

9h | Interviews
The open-browser-tabs question also tells an interviewer how much of an internet native the job applicant might be. Photo: Noor-a-Alam

The best question to ask a job applicant

9h | Pursuit
Illustration: TBS

Ugly business: Politics in workplace

8h | Pursuit
Illustration: TBS

‘Do you have insurance?’: Life of a life insurance agent

11h | Panorama

More Videos from TBS

How a university teacher and PHD holder become farmer

How a university teacher and PHD holder become farmer

2h | Videos
Dhaka University's Botanical garden home to some of world's rarest plants

Dhaka University's Botanical garden home to some of world's rarest plants

2h | Videos
Cannes Film Festival 2022 resumes after 2 years

Cannes Film Festival 2022 resumes after 2 years

23h | Videos
Pension is coming for all

Pension is coming for all

1d | Videos

Most Read

1
Representative Photo: Pixabay.
Bangladesh

Microplastics found in 5 local sugar brands

2
Mushfiq Mobarak. Photo: Noor-A-Alam
Panorama

Meet the Yale professor who anchors his research in Bangladesh and scales up interventions globally

3
The story of Bangladesh becoming a major bicycle exporter
Industry

The story of Bangladesh becoming a major bicycle exporter

4
How Bangladesh can achieve edible oil self-sufficiency with local alternatives
Bazaar

How Bangladesh can achieve edible oil self-sufficiency with local alternatives

5
Govt tightens belt to relieve reserve
Economy

Govt tightens belt to relieve reserve

6
PK Halder: How a scamster rose from humble beginnings to a Tk11,000cr empire
Crime

PK Halder: How a scamster rose from humble beginnings to a Tk11,000cr empire

The Business Standard
Top
  • Home
  • Entertainment
  • Sports
  • About Us
  • Bangladesh
  • International
  • Privacy Policy
  • Comment Policy
  • Contact Us
  • Economy
  • Sitemap
  • RSS

Contact Us

The Business Standard

Main Office -4/A, Eskaton Garden, Dhaka- 1000

Phone: +8801847 416158 - 59

Send Opinion articles to - oped.tbs@gmail.com

For advertisement- sales@tbsnews.net

Copyright © 2022 THE BUSINESS STANDARD All rights reserved. Technical Partner: RSI Lab