Well, it looks like this ridiculous U.S.-China trade war is starting to finally wind down. This will certainly help President Donald Trump’s chances of winning re-election, since the end of the trade dispute will reverse the manufacturing decline and provide a jolt to the global economy.
According to Reuters, American and Chinese trade representatives have agreed to eliminate the tariffs in phases, citing China’s Ministry of Commerce.
The timetable has not been revealed, but it would likely happen as soon as phase one of the trade agreement is reached this month.
Gao Feng, a spokesperson for the commerce ministry, told reporters during a briefing:
“The trade war started with tariffs, and should end with the cancellation of tariffs. n the past two weeks, the lead negotiators from both sides have had serious and constructive discussions on resolving various core concerns appropriately. Both sides have agreed to cancel additional tariffs in different phases, as both sides make progress in their negotiations.”
More from the newswire:
A source previously told Reuters that Chinese negotiators wanted the United States to drop 15% tariffs on about $125 billion worth of Chinese goods that took effect on Sept. 1.
They also sought relief from earlier 25% tariffs on about $250 billion of imports, ranging from machinery and semiconductors to furniture.
A person familiar with China’s negotiating position said it was pressing Washington to “remove all tariffs as soon as possible.”
It is unclear where President Trump and President Xi Jinping would sign the agreement. It was supposed to take place this month during the Asia-Pacific Economic Cooperation (APEC) summit in Chile, but it was canceled due to the nationwide protests.
No matter what, this should help the president’s re-election chances, as long as he does not end talks in the middle of the night in a tweet.
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