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World

THE END OF THE CRISIS AT THE PORT 08. 11. 2019.   >>  18:36 0

THE END OF THE CRISIS AT THE PORT

US and China have announced the signing of a trade agreement

The United States and China have agreed that an initial trade deal between the two countries would roll back a portion of the tariffs they are placing on each other’s products, officials from both countries said, a significant step toward defusing tensions between the world’s largest economies.

Officials have described the in-the-works agreement as a partial, "phase one" deal that is unlikely to fully address issues over technology theft that helped launch the fight. No signing date has been settled.

The two sides had been expected to present a phase one deal at a gathering of world leaders in Chile before the end of the year, but the country cancelled two summits planned for the coming weeks after domestic protests.

China had been pressing the US to remove tariffs on its goods as part of any deal.

A spokesman for its Commerce Ministry said the two sides had agreed to cancel the tariffs "in stages" as the agreement develops. On Thursday, Reuters and Bloomberg reported that a US trade official had confirmed that some tariffs would be lifted, should a deal be reached.

But US negotiators did not publicly endorse the report and Reuters later reported that the plan faces "fierce" internal opposition, reports BBC News.

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