China wants U.S. tariffs rolled back in phase one trade deal

China wants U.S. tariffs rolled back in phase one trade deal- Global Times

Ross's tough talk on China came just hours after Trump tweeted that the US will "restore" steel and aluminum tariffs on Brazil and Argentina.

Global Times carries a story by a former Chinese Vice Minister of Commerce and Executive Deputy Director of the China Center for International Economic Exchanges, Wei Jianguo, as he says that he is confident and optimistic that China and the U.S. can reach a phase one trade deal. "The question, do they want to make a deal we can live with?" "I'm very happy where we are", Trump said as he prepared to depart the White House for a North Atlantic Treaty Organisation summit in London. I do think the president is 100% right.

Beijing is insisting United States tariffs must be rolled back as part of any phase one trade deal with Washington, the Global Times newspaper said yesterday, citing unnamed sources, amid continued uncertainty on whether the two sides can strike a deal. "We'll see what happens".

Trade experts and people close to the White House told Reuters last month, however, that the signing of a Phase 1 agreement may not take place until the new year, as China pressed for more extensive rollbacks of tariffs.

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

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"Well, you have a logical deadline December 15", Commerce Secretary Wilbur Ross told FOX Business' Stuart Varney in an exclusive interview.

The fresh levy would land in the middle of the vital USA holiday shopping season, but Ross said it would not hurt holiday shopping because stores have already stocked up. "The China-U.S. trade war (was) instigated by the U.S. with tariffs, so the tariffs have to be cut first", the newspaper quoted Wei Jianguo, a former Chinese commerce minister as saying.

"A phase one-related pause, which seems to be around the corner, could herald the end of further, scheduled tariff hikes and the rollback of those imposed in September".

The U.S. would likely not roll back tariffs for a "Phase One" agreement which fails to address core intellectual property and digital issues.

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