business news

China pushes for removal of more tariffs in the Phase one trade deal with the US

China pushes for removal of more tariffs in the Phase one trade deal with the US
China pushes for removal of more tariffs in the Phase one trade deal with the US
People having knowledge of the matter said on Monday that China is pushing for the removal of more tariffs imposed by the United States in September as part of the phase one trade deal between the two nations.

The phase one deal is expected to be signed by President Trump and President Xi Jinping by this month. But the location of the agreement has not yet been decided. It is widely believed that the deal would involve the United States removing import duties on $156 billion worth of Chinese goods that are currently scheduled for December 15.

A source informed reports that Chinese officials have demanded for removal of 15 percent tariffs imposed on Chinese imports in September this year. Besides that, China is also aiming to get rid of the 25 percent tariffs on about $250 billion worth of their goods.

The Financial Times newspaper earlier published a report claiming that the White House was pondering upon whether to remove tariffs that went into effect on September 1. The 15 percent tariffs were imposed on some clothing items, Bluetooth headphones, speakers and televisions being imported from China.

A spokesman of the Chinese foreign ministry said that negotiations between the two countries have made progress and are on track according to plans. He added that imposing more and more import duties is not a solution to issues in trade.

Director of the China program at the Eurasia Center, Ralph Winnie, said that closing the phase one deal would allow both the economies to boost up their growth and would also give Trump a win among farmers.

The Chinese president on Tuesday said that the countries should oppose protectionist measures and also protect intellectual property rights. He also mentioned China's pledge to open its economy to the world.