18:59 7 November 2019
China and US to agree gradual withdrawal of duties
China and the US have agreed over the past two weeks that criminal and retaliatory duties imposed on mutual exports in the context of a trade war will be phased out, spokesman for trade department Gao Feng said on Thursday.
Gao added that in order to reach the ‘first phase’ of the trade agreement, both sides will have to withdraw some tariff increases at the same time.
“The trade war began with tariffs and should end with the tariff withdrawals," said Gao. However, he did not provide a schedule for the withdrawal of duties.
(PAP)
