BEIJING (Reuters) – China and the United States have agreed in the past two weeks to cancel tariffs imposed during their months-long trade war in different phases, the Chinese commerce ministry said on Thursday.
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.