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Trade Spat Must Be Concluded By Lifting Tariffs: China’s Commerce Ministry

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.

Isabel Ernest Subscriber
Sr. Content Editor & Writer At Chemical News Reports 24

The basic reason for Isabel to pursue a Degree in Industrial engineering was the mysteries that are entailed by the universe. Isabel has always been wondering and looking for studies projecting the presence of alien life forms. And having an interest in writing just made things easy for Isabel to opt for the position of Sr. Content Editor & Writer. She has been a part of this portal for 3 years now. Her hard work and dedication have been fruitful by being appointed as Head of the Industry News domain. Isabel handles the A to Z of this domain as well as encourages her team members to give the best of quality while working.

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