All Punitive Tariffs Must Go If US, China Reach Deal: Commerce Ministry

All Punitive Tariffs Must Go If US, China Reach Deal: Commerce Ministry

This comes after the US President Donald Trump said previously that he wanted to retain some tariffs in place even after an agreement is reached.

Washington to lift the steep tariffs it imposed on Chinese imports past year.

Once China and the United States reach a trade deal, Washington must remove all additional tariffs that now cause the conflict between the two powers, official sources said.

Flags of U.S. and China are displayed at American International Chamber of Commerce booth during China International Fair for Trade in Services in Beijing, China, on May 28, 2019.

A face-to-face meeting is also "in the cards" and will happen "at some point in the near future", Kudlow, director of the National Economic Council, said on Bloomberg TV on Friday. I think the phone calls are this week.

The ministry's spokesperson said Thursday that the USA tariffs were what originally started the trade war.

China is apparently clear and consistent in its requirement, with no room for negotiations regarding the matter.

The fresh US-China trade news seem to have virtually no impact on the markets, as the main focus today remains the US payrolls data.

Trump's visit to the G-20 Summit held in Japan was kind of a relief to Huawei that allowed the company to be supplied with high tech equipment from US-based companies.

Trade talks between the USA and China soured at the beginning of May when a near-deal crumbled after Washington officials accused China of reneging on some of its promises.

His decision on Huawei triggered a backlash among lawmakers on Capitol Hill, but White House officials said the changes should not create any additional risk to U.S. national security.

Huawei has repeatedly denied all allegations its equipment could be used for espionage and ties to its native government beyond paying taxes, but the United States and Australia have both banned its equipment from use in their respective forthcoming 5G networks.

The leaders of the world's two largest economies also said they will resume trade negotiations.

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