China and the US have agreed in principle to remove some tariffs imposed over the course of the trade dispute between the two countries, China’s commerce ministry said on Thursday without giving specifics.
“The two top negotiators . . . agreed that they would like to remove some of the additional tariffs in phases,” Chinese commerce ministry spokesperson Gao Feng told reporters in Beijing, according to a translation of his comments by state-owned television channel CCTV.
“As for how much will be eliminated, we will consider the agreement reached in phase one”.
Beijing and Washington have been involved in acrimonious discussions over the past 18 months as the Trump administration has raised tariffs on Chinese imports. Beijing has responded by increasing duties on a range of US goods.
The Financial Times reported earlier this week that the US was considering removing a round of tariffs it imposed on $112bn of Chinese goods in September as part of a trade truce expected to be agreed between President Donald Trump and his Chinese counterpart Xi Jinping in the next few weeks.
The onshore renminbi, which is permitted to trade 2 per cent either side of a daily midpoint, reversed earlier losses to be 0.1 per cent stronger against the dollar after the comments.
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