Thursday, July 9, 2020

Beijing and Washington agree on gradual lifting of tariffs

However, the removal will have to be done simultaneously, says the Chinese Ministry of Commerce.

Featured

Brazil President Bolsonaro tested positive for coronavirus

Brazilian newspaper "Atardi" confirmed that Brazilian President Jair Bolsonaro underwent a fourth test for Coronavirus after he showed some...

SBP calls meeting of Bank Presidents, top builders on Naya Pakistan Housing Program

Governor State Bank of Pakistan (SBP) Dr. Reza Baqir called a meeting of Banks on Wednesday for deliberations on...

Trump attends a graduation ceremony for officers, amid disputes with the Pentagon

US President Donald Trump is taking part in a ceremony to hand over certificates at the prestigious West Point...
Zubair Yaqoob
Zubair Yaqoob
The author has diversified experience in investigative journalism. He is Chief content editor at wnobserver.com He can be reached at: [email protected]

China announced on Thursday that it has agreed with the US for a “phased” lifting of their mutual punitive tariffs, as Beijing and Washington strive to finalize a partial deal on their trade dispute.

The two powers have been engaged since 2018 in a trade war with tariffs, the effects of which on the world economy and investor confidence are hard.

Chinese and Americans, however, have said they want to reach a preliminary agreement in November.

In the last two weeks, the chief negotiators of the two countries have been engaged in serious and constructive discussions, said Gao Feng, spokesman for the Chinese Ministry of Commerce.

They agreed on a phased and progressive cancellation of the additional tariffs, as progress towards a [final] agreement, he said during a press conference.

A necessary reciprocity

If confirmed by the United States, this tariff arrangement could be the latest sign of a relative warming of relations between Beijing and Washington.

If both parties reach a first preliminary agreement, they must cancel their additional duties, at the same rate and in the same proportions, said Gao Feng.

This is an important condition for reaching a [final] agreement, he Added.

Chinese Vice Premier Liu He, head of China’s trade talks, spoke last week with his US counterpart Robert Lighthizer and Treasury Secretary Steven Mnuchin in a constructive appeal by both parties.

Initially, US President Donald Trump and his Chinese counterpart Xi Jinping were to sign a preliminary agreement in mid-November on the sidelines of a summit of Pacific Rim countries, APEC.

But this event was canceled due to the social crisis that is shaking this country. And Mr Trump said the two countries were choosing a new location for the signing.

An agreement, even partial, would reassure global markets and mark a pause in the bilateral trade war, launched in March 2018 by the White House host to put an end to commercial practices that he considers unfair.

Zubair Yaqoob
Zubair Yaqoob
The author has diversified experience in investigative journalism. He is Chief content editor at wnobserver.com He can be reached at: [email protected]

Latest News

Brazil President Bolsonaro tested positive for coronavirus

Brazilian newspaper "Atardi" confirmed that Brazilian President Jair Bolsonaro underwent a fourth test for Coronavirus after he showed some...

PIA flight from Toronto to Islamabad will operate on 5 July 2020

PIA flight from Toronto to Islamabad will operate on 5 July 2020. Another PIA flight will operate from Toronto to Lahore on 10 July...

Sacrificing role models of media

Remember Anil Datta, a gem of a reporter and guru of a sub-editor with the exemplary national spirit, foregoing job offers from the foreign...

Banks performance under SBP Rozgar Refinance Scheme supported by Government of Pakistan’s Risk Sharing Facility

On April 10, 2020 State Bank of Pakistan introduced a refinance scheme to provide concessional credit at 3% interest rate and generous repayment terms...

SBP calls meeting of Bank Presidents, top builders on Naya Pakistan Housing Program

Governor State Bank of Pakistan (SBP) Dr. Reza Baqir called a meeting of Banks on Wednesday for deliberations on the measures proposed by Naya...

Related News