China and the United States have agreed to reverse the trade tariffs that they have imposed on each other. This concerns the extra rates for recent months. The Chinese Ministry of Commerce has announced this.
The phasing out of the import duties goes in steps. How many and which taxes will initially disappear will still have to be agreed. This will be an important part of the partial trade agreement that is currently being negotiated. China and the US hope to reach such an agreement in the coming weeks.
If the US confirms that both countries are taking over import duties, that could mean a route to the end of the trade war. China’s main requirement in the conflict has long been for Washington to take away the criminal charges imposed by President Donald Trump.
The US president started setting tariffs last year and now there are duties on almost all Chinese items exported to the US. Beijing has always responded with counter rates.
About the author: Matthew Johnson
Matthew Johnson, a small tech business owner retired and found his passion in journalism.