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China

China Said to Seek Some Tariffs Removals in Exchange for Farm Purchases

BEIJING – US Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin will speak with Chinese Vice Premier Liu He today by phone. Two sides are believed to be working on the text for phase one of US-China trade agreement, for signing at the APEC summit in Chile on November 16-17.
It’s reported that China will ask US to drop the plan to impose tariffs on $156 Billion of Chinese goods on December 15.
Additionally, China could ask US to remove the tranche of tariffs imposed on September 1, on $125 Billion of Chinese imports, too. China is seeking to get back to tariffs on just the original $250 Billion in goods.
In exchange China would buy at least $20 Billion of American farm products in the first year, as part of the phase one deal. That would bring purchases back to the level in 2017, before trade war began.
In the second year of a final deal, purchases could rise further to $40-50 Billion, when all punitive tariffs are removed.
(Sahar News Monitoring Desk)

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