WASHINGTON — China and the U.S. have agreed to a phased rollback of the punitive tariffs placed on each other’s goods, according to national reports. But a timetable for the gradual removal wasn’t disclosed.
A spokesman for China’s Ministry of Commerce said the two governments have had “serious and constructive discussions” over the past two weeks and that, in order to reach a “phase one” trade deal, the two would have to cancel some tariffs, Reuters reported Thursday.
An interim deal, it said, is expected to include a U.S. pledge to drop plans for a tariff on some $156 billion in imports that was slated for Dec. 15. Separately, China wants the U.S. to drop a 15% tariff on about $125 billion in goods that took effect Sept. 1, Reuters said, attributing the information to an unnamed source.
“They also sought relief from earlier 25% tariffs on about $250 billion of imports, ranging from machinery and semiconductors to furniture,” the news agency reported.
A deal may be signed this month by President Trump and Chinese President Xi Jinping at a yet to be agreed upon location.
The stock market jumped on the news. At midday, the Dow Jones Industrial Average was up about 0.9%, or 246 points.
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