China and the United States have reached agreement on the text of their long-awaited trade deal, and the US side will gradually cancel tariffs in several phases, Chinese Vice Minister of Commerce Wang Shouwen said on Friday
MOSCOW (Pakistan Point News / Sputnik - 13th December, 2019) China and the United States have reached agreement on the text of their long-awaited trade deal, and the US side will gradually cancel tariffs in several phases, Chinese Vice Minister of Commerce Wang Shouwen said on Friday."Through the joint efforts of negotiation teams of China and the United States, both sides have reached consensus on the text of the phase one bilateral trade agreement based on the basis of equal footing and mutual respect," Wang said during a briefing held by the State Council Information Office on Friday in Beijing.
The vice minister noted that Washington would remove tariffs on Chinese products in several phases.
"Both sides have reached consensus that the US side will fulfill its commitment to remove tariffs on Chinese products through various phases, to reach the transition from raising tariffs to reducing tariffs [on Chinese products]," he said.
