China and the United States have agreed to cancel in phases the tariffs imposed during their months-long trade war, the Chinese Commerce Ministry said on Thursday, without specifying a timetable.
An interim U.S.-China trade deal is widely expected to include a U.S. pledge to scrap tariffs scheduled for December 15 on about $156 billion worth of Chinese imports, including cell phones, laptop computers and toys. Tariff cancellation was an important condition for any agreement, Ministry spokesman Gao Feng said, adding that both must simultaneously cancel some tariffs to reach a “phase one” trade deal.
“In the past two weeks, the lead negotiators from both sides have had serious and constructive discussions on resolving various core concerns appropriately,” Mr. Gao said. “Both sides have agreed to cancel additional tariffs in different phases, as both sides make progress in their negotiations.” He did not give a timeline.
In what could be another gesture to boost optimism, China’s state agency Xinhua reported late on Thursday that the Chinese customs and the Ministry of Agriculture are considering removing restrictions on U.S. poultry imports.
