Trade Spat Must Be Concluded By Lifting Tariffs: China's Commerce Ministry
By Isabel Ernest on November 23, 2019
Reportedly, China is still calling for the U.S. to reduce tariffs as a part of the "phase one" deal, as trade conciliations amid the world's two biggest economies extend. During a weekly press conference, Gao Feng—Spokesperson for China's Ministry of Commerce—stated to CNBC, "The trade battle started with adding levies and must be concluded by canceling these extra tariffs. This is a significant clause for both parties to attain a deal. If both the parties obtain a phase one deal, the level of tariff regression will fully imitate the significance of the phase one accord." The trade tensions amid the U.S. and China escalated for almost a year with each country imposing tariffs on billions of dollars' worth of commodities from the other.
At present, both the countries are in the course of sealing a so-called "phase one" agreement to address some points of disparity. U.S. President Donald Trump and Chinese President Xi Jinping were anticipated to meet in mid-November for the APEC (Asia-Pacific Economic Cooperation) meeting in Santiago, but Chile revoked the event in late October owing to national unrest. Specifically, Gao did not address a statement from Trump that he had not approved to lift levies on the Chinese products. The Commerce Ministry representative also did not openly comment on news reports that a challenge to obtain a trade deal is China's reluctance to put specific amounts of the U.S. farm procures into writing.
On a similar note, recently, it was stated that ideological divides can make the U.S.-China trade battle "go on for years." The trade war will persist on for a significant span if Beijing does not agree to set up buying significant amounts of American goods, CNBC's Jim Cramer stated. He said, "The Chinese keep doing the same blunder: they feel that this is concerning the balance of trade but in reality, it is regarding a lot more than that." It is about the free-trade reliant of the American political class against the populist wing, Cramer reported.
Published in Industry News and World
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