China says it has agreed with the US to cancel existing tariffs in different phases
Gao Feng, a ministry spokesperson for China's Commerce Ministry, said that both sides must simultaneously cancel some existing tariffs on one another's goods in order to reach a so-called "phase one" trade agreement, Reuters reported.Fresh hopes of a limited trade agreement prompted U.S. stock index futures to rally Thursday morning, with Dow futures poised to open up more than 125 points.
Market participants had expected the two economic giants to sign a "phase one" trade agreement later this month, after both Washington and Beijing spoke of progress in talks late last week. However, Reuters reported on Wednesday that a meeting between President Donald Trump and Chinese President Xi Jinping could be postponed until December — delaying a chance for the two leaders to sign an interim trade deal.
The world's two largest economies have imposed tariffs on billions of dollars' worth of one another's goods since the start of 2018, battering financial markets and souring business and consumer sentiment.
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