China wants US tariffs rolled back in phase one trade deal

Nellie Chapman
December 4, 2019

Beijing was insisting USA tariffs must be rolled back as part of any phase one trade deal with Washington, China's Global Times newspaper said on Sunday citing unnamed sources, amid continued uncertainty on whether the two sides can strike a deal.

It cited officials saying that China will buy American farm products and the amount "could be substantial, but it cannot promise a specific number in the deal because the amount must be based on market demands".

Officials are negotiating a preliminary Phase 1 agreement aimed at resolving the 18-month-old tariff war between the two largest economies.

"If we get a sense that the tariffs on December 15 are not postponed, the market's going to have a nice consolidation", warns Quincy Krosby, chief market strategist at Prudential.

Asked if the Trump administration was willing to roll back current tariffs on China, Ross added: "It all depends on their behavior between now and then".

Trump target blasts his 'orgasm' mockery of her
He's demeaning me and my career. "It never goes away or stops, even when he's not publicly attacking me", she despaired. And as her texts show, she's hardly in the camp of Trump friendlies. "They lack a lot of context", she said.

Chinese officials earlier said the USA side had agreed to gradually phase out the tariffs as progress is made on ending the dispute over trade and technology.

Meanwhile, two top USA officials on Monday said a deal could still happen this year depending on China's actions.

"I'm doing very well, if I want to make a deal, I don't know that I want to make it, they're going to find out pretty soon". Chinese Vice Premier Liu He said he had invited senior USA officials to Beijing for further talks. "In some ways I think I think it's better to wait until after the election with China", Trump told reporters on Tuesday in London where he was due to attend a meeting of North Atlantic Treaty Organisation leaders. Trump said the talks were in their "final throes" of negotiations.

Markets remain on alert over the trade friction after Beijing threatened unspecified retaliation for Donald Trump's decision to sign a law supporting Hong Kong pro-democracy protesters.

Global Times said in separate tweet that Washington's interference in China's internal affairs and applying pressure on the country to buy USA commodities could threaten the deal.

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