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Phased Rollback Of Trade Tariffs Expected By US And China

The ongoing trade war seems to be reaching some breakthrough with negotiators from US and China trying to arrive at an interim deal. The Chinese Ministry of Commerce revealed that once the agreement is signed, both the countries may agree to eliminate the additional tariffs in a phased manner.

Extensive discussions to end the trade war between US and China have been taking place and the agreement would help stabilize the world economy. Partial tariff withdrawal will be possible only if both countries come to a consensus on the agreement.

An interim trade deal is widely expected to include a US pledge to scrap tariffs scheduled for December 15 on about US$156 billion worth of Chinese imports, including laptop, computers, mobile phones and toys. China is expected to buy more US agricultural products, open up its financial markets and address restrictions on genetically modified American food, but the deal may not include Chinese energy purchases from the US.