China and the United States agree to cancel the tariff increase in stages with the progress of the agreement
At the regular press conference held by the Ministry of Commerce on November 7, the spokesperson of the press said that if China and the United States reach the first phase agreement, they should cancel the tariff increase according to the content of the agreement, which is important for reaching an agreement. condition. Gao stressed that China's position on the tariff issue is consistent. Clearly, the trade war should start with the addition of tariffs, and it should also be stopped by the elimination of tariffs. As for the number of cancellations in the first phase, it can be agreed according to the content of the first phase agreement. The economic and trade teams of both sides have maintained close communication. We hope that the two sides will work together to properly resolve their core concerns on the basis of equality and mutual respect. Gao said that in the past two weeks, the leaders of the two sides have properly resolved their core concerns and conducted serious and constructive discussions. It is agreed to cancel the tariff increase with the progress of the agreement. This will help stabilize market expectations, benefit the economies of the two countries and the world economy, benefit producers and consumers.
Sino-US trade has been greatly affected by tariffs. Many textile foreign trade companies have indicated that they will not easily accept orders from the US market this year. On the 5th, local time, UNCTAD released data on the impact of tariffs on Sino-US trade. The data shows that since the United States imposed tariffs on China, bilateral trade has declined significantly, and American consumers are heavily burdened. In the first half of this year, China’s exports to the United States fell by 25%, with a reduction of about $35 billion, of which office equipment was the most affected. The United States’ imports from China fell by $15 billion.
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