Global Times report
The US must cancel some of its current tariffs before China agrees to a Phase One trade deal, according to a former Chinese trade official cited in the Global Times.
The US is “very anxious’ to reach a trade deal with China but Beijing won’t agree if the US does not cancel some tariffs, Wei Jianguo, former vice minister of commerce, told the Global Times.
Tariffs under consideration are 15% duties that went into effect on Sept 1 on $125B of goods and a 25% tariff on about $250B worth of machinery and semiconductors.
They report also cites ‘sources’ who say there won’t be a deal if the US doesn’t suspend tariffs.
China will not accept a phase one deal if the US only suspends new tariffs that it has threatened to impose on Chinese goods, sources also told the Global Times on Tuesday.