China’s Commerce Ministry said on Thursday that an agreement has been reached with the United States to proportionally cancel existing tariffs between the two countries in phases.
According to the ministry’s spokesman Gao Feng, the amount of tariff relief that will come in the first phase will depend on the content of that agreement. The first phase of the trade deal is expected to be signed in the coming weeks. A comprehensive trade agreement can only be signed under a condition that all tariffs are removed “simultaneously and proportionally,” he stressed.
The announcement comes as US President Donald Trump and his Chinese counterpart Xi Jinping are expected to meet in the near future to discuss the long-awaited interim trade deal.
A senior Trump administration official told Reuters on Wednesday the deal could be delayed until December as discussions continue over terms and venue.
Dozens of venues have been suggested for the meeting, which had originally been scheduled to take place on the sidelines of a now-canceled mid-November summit of Asia-Pacific leaders in Chile.
According to the official, London is among possible locations. The two leaders could meet after a NATO summit that Trump is due to attend from December 3-4, the official said.
“It’s under consideration but nothing decided,” said the US official.
