China, U.S. agree on text of phase one trade deal: China vice finance minister
BEIJING - China and the United States have agreed on the text of a phase one trade deal, and Beijing has decided to cancel an earlier plan to impose additional tariffs on U.S. imports on Dec. 15, senior Chinese government officials said on Friday.
The United States has promised to cancel tariffs on a phased basis, China’s vice commerce minister Wang Shouwen said at a briefing, which officials from China’s state planner, finance ministry, foreign ministry and agriculture ministry also attended. “As both sides have reached a phase one deal, the United States has promised to cancel some planned and implemented tariffs, and will step up waivers granted to Chinese imports.”
China will also increase U.S. imports of energy, agriculture, pharmaceutical products and financial services, said Ning Jizhe, vice chairman of the National Development and Reform Commission, the state planner.When asked at the briefing about China’s commitment on U.S. farm goods purchases, Ning said specifics and figures will be disclosed later.
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