China abolishes additional duties on some US goods

[[MC]Ronin[MC]]

China abolishes additional duties on some US goods

 

On Friday, the two sides agreed on a "first phase" of a trade deal
China has canceled planned additional duties on some US goods, which were due to enter into force on December 15, BTA reported. On Friday, the two sides agreed on a "first phase" of a trade deal.

China hopes to work together with the United States on the basis of equality and mutual respect to properly address the concerns of each country and to foster the stable development of US-China economic and trade relations, according to a statement from the finance ministry's website.

 

The US and China negotiate the first phase of the trade agreement

It includes the protection of intellectual property rights
China announces the completion of the first phase of a trade deal with the US, according to BGNES. It includes progressive lifting of sanctions and protection of intellectual property rights, but the two parties have not yet signed the agreement.

The announcement came a day after President Donald Trump tweeted that the two largest economies in the world are very close to the "BIG Deal" in their ongoing trade dispute.

China's deputy trade minister told reporters that Washington has agreed to "phase out" tariffs on Chinese goods without giving details.

The deputy finance minister said China would not impose duties on US products that were planned to pay for renewed US duties on Chinese products. He did not provide details on whether China would abolish existing customs duties on US goods.

The agreement includes strengthening the protection of intellectual property rights, expanding market access and guaranteeing the rights of foreign companies in China - problems at the root of US complaints about Beijing's restrictive economic policies.

The US has reached a principled agreement on trade with China

US media reports say China will spend US $ 50 billion on agricultural commodities in the US, Trump's main requirement, but Chinese officials did not provide any figures at the Beijing briefing.

"The two sides agreed on the text of the first phase of a trade and economic deal," a Chinese statement said at a news conference.

"Both parties have agreed that in the next step they will complete the necessary procedures for legal review and translation as soon as possible and agree on specific clauses for the formal signing of the agreement.

"After the agreement is signed, we hope that both parties will comply with it and work hard to implement the relevant content in its first phase."

China said the partial deal would help expand its exports of agricultural products to the US.

"Some of these problems have been talked about for more than ten years and this time we have a major breakthrough," said the Deputy Minister of Agriculture and Agriculture.

Any agreement to increase imports of American agricultural produce will be implemented in a way that will not hurt Chinese farmers, he said.

Although Trump has tweeted today that the "phase two" talks will start "immediately," the Chinese side has decided to proceed more cautiously.

"As for the next phase consultations, this will depend on the implementation of the first phase agreement," the statement said.

The agreement is also in line with China's goal of a more open economy and a move to more high-tech manufacturing instead of remaining the world's "low-cost factory."