China Underground > China Finance > China confirms ‘phase one’ trade deal with US and suspends planned tariffs scheduled for Dec. 15

China confirms ‘phase one’ trade deal with US and suspends planned tariffs scheduled for Dec. 15

China and the United States’ “phase one” trade agreement is good news for all and will “provide stability in global trade”, Chinese Foreign Minister Wang Yi said Saturday during a press conference.

Wang Yi’s comments came after the two countries agreed on a text of a trade and economic agreement.

According to the nine-chapter document, China will increase imports of agricultural products from the US, while the United States will gradually decrease tariffs on Chinese products.

Wang Yi said that this “phase one” of commercial negotiations will benefit both parties.

“It will help to shore up confidence in (the) world economy,” said Wang, adding that the trade deal will help maintain international trade order.

The foreign minister said that China is always opposed to the use of tariffs to resolve commercial disputes.

“There is no winner in a trade war,” he said, adding that China is also against protectionism.

“We welcome all companies to enter the Chinese market, we welcome the most competitive products from European countries to enter the Chinese market,” added the foreign minister.

However, there are still many questions to be resolved between the two parties, but this first step forward has been well received by the international community.

Topic: China US trade deal

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