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China insists on cancellation of US duties before trade deal

Tue Nov 05, 2019
watermark Economic news

Market players are again thrilled by the news: China is insisting on the abolition of additional US fees of 15%, introduced in September (worth about $125 billion), as part of the «first phase» of the trade deal. However, representatives of the United States expect that the this «phase one deal» will only mean the abandonment of duties planned for December 15 for Chinese goods worth about $156 billion.

We recall that the two largest economies in the world, the United States and China, are working to finalize the text of the first phase of trade agreement. The parties planned to sign an agreement at the summit of the Asia-Pacific Economic Cooperation (APEC) in the capital of Chile on November 16-17, but the event was canceled due to social unrest in Santiago.

Despite this, both the United States and China are optimistic about the future conclusion of a trade deal, urging each other to actively cooperate and overcome differences and frictions.

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