|
|
|
|
Search: 
Latin American Herald Tribune
Venezuela Overview
Venezuelan Embassies & Consulates Around The World
Sites/Blogs about Venezuela
Venezuelan Newspapers
Facts about Venezuela
Venezuela Tourism
Embassies in Caracas

Colombia Overview
Colombian Embassies & Consulates Around the World
Government Links
Embassies in Bogota
Media
Sites/Blogs about Colombia
Educational Institutions

Stocks

Commodities
Crude Oil
US Gasoline Prices
Natural Gas
Gold
Silver
Copper

Euro
UK Pound
Australia Dollar
Canada Dollar
Brazil Real
Mexico Peso
India Rupee

Antigua & Barbuda
Aruba
Barbados
Cayman Islands
Cuba
Curacao
Dominica

Grenada
Haiti
Jamaica
Saint Kitts and Nevis
Saint Lucia
Saint Vincent and the Grenadines

Belize
Costa Rica
El Salvador
Honduras
Nicaragua
Panama

Bahamas
Bermuda
Mexico

Argentina
Brazil
Chile
Guyana
Paraguay
Peru
Uruguay

What's New at LAHT?
Follow Us On Facebook
Follow Us On Twitter
Most Viewed on the Web
Popular on Twitter
Receive Our Daily Headlines


  HOME | Business & Economy (Click here for more)

China Says It Has Reached an Agreement with US to Phase Out Tariffs

BEIJING – China announced on Thursday that it has reached an agreement with the United States to phase out bilateral tariffs imposed during the trade dispute that began in March 2018.

Commerce ministry spokesman Gao Feng told a press conference that the two countries only needed to scrap the tariffs in order to complete the first phase of an bilateral agreement aimed at resolving the conflict.

The cancellation of tariffs will be a condition for further progress towards a final deal, Gao said.

The spokesperson said that Chinese and American negotiating teams have reached a consensus following “extensive, constructive and serious” talks in recent weeks.

“The two parties have agreed to eliminate tariffs as they continue making progress. If China and the United States reach a ‘phase one’ agreement, the two parties should eliminate tariffs simultaneously and in the same proportion,” he added.

The negotiating teams hope to resolve the conflict “based on equality and mutual respect,” Gao said.

On October 26, the Chinese government confirmed the progress of negotiations towards a partial trade agreement and said that the technical consultations on part of the text had already been completed.

US President Donald Trump described the pact as “phase one” of a process could have as many as three stages and suspended his plans to raise tariffs on imports from the Asian giant.

Meanwhile, China promised to increase its purchases of US agricultural products to between $40 billion and $50 billion.

Neither government has so far released details of the agreement but Trump stated that it includes some measures relating to the devaluation of the Chinese currency and intellectual property issues although it does not address the forced transfer of technology in China, an issue that will be discussed in phase two.

Nor does the agreement resolve the issue of export bans affecting Chinese telecom giant Huawei, which is being negotiated in a parallel process.

 

Enter your email address to subscribe to free headlines (and great cartoons so every email has a happy ending!) from the Latin American Herald Tribune:

 

Copyright Latin American Herald Tribune - 2005-2019 © All rights reserved