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China wants tariff rollback for phase 1 trade deal

04 December 2019

However, analysts raised concerns about an article in the Communist Party-linked Global Times, which tweeted that the government wants levies imposed on China to be removed as the U.S. talks continue.

Commerce Secretary Wilbur Ross said President Trump is ready to slap tariffs on $156 billion of Chinese goods on December 15 if the two countries can't agree on a trade deal.

It cited officials saying that China will buy American farm products and the amount "could be substantial, but it cannot promise a specific number in the deal because the amount must be based on market demands".

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"Rolling back tariffs is a must".

Secretary of Commerce Wilbur Ross discusses China trade negotiations and the tariffs Trump has placed on Brazil and Argentina.

Chinese officials earlier said the US side had agreed to gradually phase out the tariffs as progress is made on ending the dispute over trade and technology.

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China's commitments for buying agricultural products were in fact a "special treat" for the USA and not in accordance with World Trade Organization rules, Global Times said. They want to make a deal. Chinese Vice Premier Liu He said he had invited senior US officials to Beijing for further talks. "I'm very happy where we are", Trump said as he prepared to depart the White House for a North Atlantic Treaty Organisation summit in London.

"I think that it is not that hard", Li Yong, deputy chair of the expert committee of the China Association of International Trade, told the Global Times on Sunday.

Markets remain on alert over the trade friction after Beijing threatened unspecified retaliation for Donald Trump's decision to sign a law supporting Hong Kong pro-democracy protesters. But promising to not implement the next tranche of tariffs would not suffice, the Global Times said.

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Global Times, published by the official People's Daily newspaper of China's ruling Communist Party, also cited another unidentified source close to the talks as saying USA officials had been resisting such a demand because the tariffs were their only weapon in the trade war and giving up that weapon meant "surrender".

China wants tariff rollback for phase 1 trade deal