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Tariffs must go for phase 1 agreement

CHINA’S Ministry of Commerce said yesterday that if China and the US reach a phase one trade agreement, the tariffs should be reduced.

Both sides are maintaining close communication, ministry spokesperson Gao Feng told reporters.

Moreover, China’s foreign ministry spokesperson Hua Chunying said that China’s stance has always been very clear: trade war is a loss-loss situation. She said it’s to the interest and expectations of people from both countries and the international society that China and the US reach a deal based on mutual respect and consultation.

Investors are closely looking for any signs of progress on a phase one trade deal, especially as the December 15 deadline is approaching.

The US trade representative in August postponed imposition of additional tariffs on some Chinese goods, including cell phones and laptops, until mid-December.

US stocks closed on a low note on Tuesday amid trade uncertainties, as the S&P 500 Index fell the most in almost eight weeks while most of the 30 Dow components traded in red territory.

US President Donald Trump announced on Monday that he will “restore” tariffs on steel and aluminum imported from Brazil and Argentina.

Washington’s threat to hit French products with tariffs over a taxation dispute concerning large US tech companies also fueled the stock market turmoil. Later on, France’s finance minister said the EU was ready to retaliate.
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