China says there will be no trade deal unless existing tariffs are stripped

The U.S. has to elevate all of the tariffs positioned on Chinese items if there is to be a trade deal, China’s Ministry of Commerce mentioned on Thursday.

“If the two sides are to reach a deal, all imposed tariffs must be removed,” Ministry of Commerce spokesman Gao Feng mentioned on Thursday. “China’s attitude on that is clear and consistent.”

The two nations reached a truce of their year-long trade warfare final week on the G-20 summit in Japan. President Donald Trump and Chinese chief Xi Jinping agreed to hold off on imposing new tariffs and begin negotiations once more. Trump additionally determined to ease his ban on American firms promoting merchandise to Chinese telecom big Huawei. China mentioned it could proceed to purchase U.S. agricultural merchandise.

However, Trump mentioned after the G-20 assembly that the 25% tariffs at present imposed on $250 billion in Chinese items will not be reduced.

While the 2 nations reached an settlement, which was much like the one on the G-20 summit in Argentina on the finish of 2018, there are nonetheless many sticking factors together with the issue of intellectual property that would deter a long-term deal.

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