China says have agreed with US to cancel tariffs in different phases
Category: News & Politics
Via: just-jim-nc-ttth • 5 years ago • 33 commentsBy: Reporting by Yawen Chen and Martin Pollard Writing by Ryan Woo Editing by Kim Coghill
But, but, but tariffs don't work and this will go nowhere and we will lose this battle at the American public's expense.........../s
China and the United States must simultaneously cancel some tariffs on each other's goods for both sides to reach a "phase one" trade deal, said Gao Feng, spokesman at the commerce ministry.
The tariff cancellation is an important condition for there to be any agreement, he said at a regular press briefing.
The proportion of tariffs cancelled must be the same, and how many tariffs should be cancelled can be negotiated, Gao told reporters.
"The trade war started with tariffs, and should end with the cancellation of tariffs," Gao told reporters.
He did not give a timeline.
A source previously told Reuters that Chinese negotiators wanted the United States to drop 15% tariffs on about $125 billion worth of Chinese goods that went into effect on Sept. 1.
They are also seeking relief from earlier 25% tariffs on about $250 billion of imports from machinery and semiconductors to furniture.
A person familiar with China's negotiating position said it was pressing Washington to "remove all tariffs as soon as possible".
A deal may be signed this month by U.S. President Donald Trump and Chinese President Xi Jinping at a yet-to-be determined location.
Dozens of venues have been suggested for a meeting, which had originally been scheduled to take place on the sidelines of a now-cancelled mid-November summit of Asia-Pacific leaders in Chile, a senior official of the Trump administration told Reuters on Wednesday.
One possible location was London, where the two leaders could meet after a NATO summit that Trump is due to attend from Dec. 3-4, the official said.
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This is gonna be like a poker game. I can see it now.
China was already had excessive tariffs on US goods and services. Trump simply pushed back a bit to gain their attention and to seek a level playing field.
Exactly!! Dumb like a fox.............
Winning.
Winning? Our trade deficit is worse than it has ever been, and it increased faster than ever under Trump. Remember, "tariff" is just a fancy way to say taxing Americans.
Those pesky facts
Waiting for a "but Obama".....
I'll raise you a butt Hillary
Yes, winning. What you failed to point out is, that with a growing, no bursting, economy, people spend more. And what do they want? The cheapest "stuff" they can get. And where does most of that come from? China. And other places that manufacture said cheap shit........er stuff. And it isn't just the basic consumer. It is also some raw materials. And with China's part of the tariffs coming into play, why wouldn't the deficit grow? We just don't send and never have sent/exported more than imported in years. And with the advent of the tariffs, many, many businesses bought like drunken sailors to get ahead of the "game" of tariff chess.
So Trump should do nothing and hope the problem fixes itself. Because it has worked so well for every other administration./S
"Politics is the art of looking for trouble, finding it everywhere, diagnosing it incorrectly and applying the wrong remedies."
Ernest Benn
And Mr. Trump is putting an end to that............including the status quo in DC. He saw the problem and acted. That dem/lib/liv/progs don't like it is just a bonus.
What problem? Trade will never be equal, and I notice that you are completely ignoring the FACT that since Trump's tariffs the trade deficit with China has skyrocketed.
If you feel Trump is right on his tariffs (tax increases) please explain why he put tariffs on Canada. We had a trade surplus with them.
See 1.1.7
Why? It has nothing to do with tariffs or trade deficits. It's just another attempt at a distraction.
No, but the Chinese have been serial cheats in many ways for many, many years. I'm not sure tariffs are the best way to solve that, but the problem is definitely real.
Well what to you suggest to do? Let me guess throw money at it.
And guess what? Other than having to listen to the left cry President Trumps policies dealing with the trade deficit is working.
Poor little lefties have to hate that.
Hasn't happened in 3 years either, no evidence to indicate it will happen this year or next. Trump's theory on trade seems to be that to get out of the hole you must first dig it deeper and deeper, eventually you'll come out in Australia.
By making it worse than it has ever been? You have a very strange definition of "working".
The news propelled the Dow to a new record high today. Probably leaves those that claimed the trade war was crashing the market scratching their heads.
All that market chaos was for not butt Trump's Ego!
Thanks for displaying for all to see your total lack of understanding of the issue.
The proof will be in the doing of it. I'll cheer when it actually happens. It would be nice to see some actual progress regarding China, but so far, I haven't seen a reason to trust them.
Update: China says Trump is full of shit. US and China are on the precipice of full blown trade war. Markets will be in free fall by Monday...