China hints at progress in trade war with usa

china hints at progress in trade war with usa

This is how chinese media quoted the spokesman of the ministry of commerce gao feng at a press conference on thursday. Lowering tariffs is "an important condition for an agreement," it said.

Should the two countries reach an initial partial agreement, they should therefore lift the tariffs at the same time in the same rough ratio, said gao. There was no indication of specific plans or a timetable.

The USA and china have been engaged in a trade war for more than a year, which has led to a slowdown in economic growth in both countries and is putting the brakes on the global economy. Both sides have gradually imposed new punitive tariffs on each other, while parallel talks on a trade agreement are underway.

In october, u.S. President donald trump announced basic agreement on a partial deal. Trump and china’s leader xi jinping should seal partial agreement at asia-pacific summit planned for november. However, this was canceled due to unrest in chile.