Rollback of China tariffs faces fierce opposition in White House

China, US Agree to Lift Existing Tariffs in Tranches -China Commerce Ministry

China, US Agree to Lift Existing Tariffs in Tranches -China Commerce Ministry

On October 26, the Chinese government confirmed the progress of negotiations towards a partial trade agreement and said that the technical consultations on part of the text had already been completed.

Ministry spokesman Gao Feng said both sides had agreed to simultaneously cancel some tariffs on each other's goods, CNBC reported, citing the Chinese state broadcaster.

Trump administration officials in recent days have expressed optimism that phase one of a comprehensive trade deal might come together this month, helping boost equity markets to records this week.

Presidents Donald Trump and Xi Jinping agreed last month to resume trade talks aimed at resolving a extra than 12 months-extended dispute more than know-how and industrial policy.

Ever since the US fired the first shot in the trade war in July previous year, the two leaders have met face-to-face only at Group of 20 gatherings.

Experts said the announcement that existing tariffs would be rolled back in stages was a positive development, but cautioned against over-exuberance, given the repeated reversals in the 19-month-long trade war. The Financial Times reported that the White House may remove tariffs on consumer appliances, while Reuters and Bloomberg separately said that the United States was considering rolling back $360 billion worth of tariffs.

"This gets us closer to a phase one trade deal, which is more important psychologically than fundamentally", said Art Hogan, chief market strategist at National Securities.

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China and the USA have agreed to roll back tariffs on each other's goods in phases as they work toward a deal between the two sides, a Ministry of Commerce spokesperson said.

Now, we're seeing early signs of a resolution that has legs to work as China has acknowledged tariffs to and from both sides will start being reduced or even lifted.

In terms of the content of the deal, differences still remain on the scale of American farm products China will purchase. Energy stocks jumped 1.1 percent.

There had been no indication whether or not Trump may agree, which raised the potential of one other breakdown in negotiations.

Analysts say the phase one deal will fail to adequately address these issues, focusing largely on Chinese purchases of US farm goods and intellectual property protections related to copyright and trademark issues.

But there is a divide within the administration over whether rolling back tariffs will give away US leverage in the negotiations, current and former administration officials said.

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