NEW DELHI: The United States (US) and China have come into an agreement allowing ease in restrictions to each other’s goods as a part of phased efforts to end trade war between the two countries.
The discussions were however based on a phased approach to further do away with trade war.
“If the two sides achieve a Phase 1 agreement then based on the content of that agreement, tariffs already increased should be cancelled at the same time and by the same rate,” the Commerce Ministry spokesman Gao Feng Thursday said.
Negotiators, according to Feng, were agreed for a phased tariff hike cancellation if negotiations move ahead.
The development has come following the deal announced on October 12 – easing out the volatile situation though the details were not revealed by the two sides.
Meanwhile, former White House Cabinet Secretary Chris Lu, quoting a report, tweeted, “So far, the trade war has cost American consumers/businesses an extra $38 billion. In September alone, Americans paid $7.1 billion in tariffs, “more than any other amount in U.S. history.”
Chinese president Xi Jinping is expected to visit Greece and Brazil next week but there is no confirmation about any meeting with US president Donald Trump.