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China and US agree to roll back existing tariffs in phases

November 11/2019

MOSCOW (MRC) -- After weeks of high-level discussions, the US and China have agreed to simultaneously lift existing trade tariffs on each others goods in phases, reported NCT with reference to the Chinese local media.

Chinese media reported that a spokesperson from Chinas Ministry of Commerce the leaders of both counties have resolved their core concerns in the past two weeks through constructive discussions.

Quoting the ministry spokesperson, the report said the most important condition for the first phase of the trade agreement was that the both countries must remove the same amount of charges simultaneously.

However, a timeline was not provided at the time of publication.

The US and China, the worlds two biggest economies, have been embroiled in a tit-for-tat tariff war since the start of 2018.
Author:Margaret Volkova
Category:General News
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