China and the United States must simultaneously cancel some existing tariffs on each other’s goods for both sides to reach a “phase one” trade deal, the Chinese commerce ministry said on Thursday, APA reports citing Reuters.
The proportion of tariffs canceled must be the same, and how much tariffs should be canceled can be negotiated, said Gao Feng, spokesman at the commerce ministry.
Both sides have agreed in the past two weeks to cancel the additional tariffs imposed during their months-long trade war in different phases, Gao said.
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