China says Beijing, US to lift tariff hikes as talks advance – Washington Times
Excerpt:
Prospects appear to have brightened for a preliminary breakthrough in the U.S.-China trade war after the two sides agreed to reduce some punitive tariffs on each other’s goods as part of an initial agreement.
A Chinese spokesman announced the development Thursday as talks on ending the trade war progressed – a development that triggered a rally in U.S. stock markets.
The agreement came during talks aimed at working out details of a “Phase 1” deal that was announced Oct. 12. Financial markets had been rattled by reports that China was pushing for tariffs to be lifted, which posed the prospect of a breakdown in talks.
Negotiators agreed to a “phased cancellation” of tariff hikes if talks progress, said a Commerce Ministry spokesman, Gao Feng.
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