Moving away from the trade war, China and the USA have agreed to cancel tarrifs the two countries have been imposing on goods over the past months. The Chinese commerce ministry has said that the tariffs will be scrapped in phases, however, hasn’t spilled the beans about the timetable for the same.
The scrappage of tariffs will also imply on US’s next set of tariffs it had scheduled to impose on goods from China, starting from Dec 15. Notably, the tariff would have implied on Chinese imports worth $156 billion, on products like cell phones, laptop computers and toys.
“The trade war started with tariffs, and should end with the cancellation of tariffs,” ministry spokesman Gao Fing told a regular news briefing without elaborating.
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