Friday, October 23, 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

GIP releases inaugural annual report at second plenary meeting

The Second Plenary Meeting of the Green Investment Principles for the Belt and Road (GIP) was held today in...

Pakistan re-elected as member UNHRC

Pakistan has been re-elected to the United Nations Human Rights Council (HRC) with an overwhelming majority securing 169 votes...

Indonesia to host Trade Expo Indonesia 2020 Virtually

The Government of Indonesia is once again hosting its biggest annual international business exhibition, the Trade Expo Indonesia (TEI)...
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

New York authorities preparing for possible riots after the election

New York City Mayor Bill de Blasio announced that the major American city authorities are preparing for possible unrest...

Trump: 180 million Americans would miss health care plans if Biden came to power

US President Donald Trump did not stop attacking his rival in the US presidential election, Democratic candidate Joe Biden, sending a message to Americans,...

The European Court of Human Rights condemns Turkey of violating the right to freedom of expression

The European Court of Human Rights has convicted Turkey of violating the right to freedom of expression of two university students who have been...

GIP releases inaugural annual report at second plenary meeting

The Second Plenary Meeting of the Green Investment Principles for the Belt and Road (GIP) was held today in Beijing, with over 130 representatives...

Pakistan re-elected as member UNHRC

Pakistan has been re-elected to the United Nations Human Rights Council (HRC) with an overwhelming majority securing 169 votes in the 193-member UN General...

Related News