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China, U.S., Strike Tariff Rollback Agreement

China, U.S., Strike Tariff Rollback Agreement

The U.S. and China will roll back tariffs if they strike a preliminary deal, a move requested by China before signing a phase one trade agreement.

The signing of the agreement may be now delayed until next month, but the two sides continue to wrap up the talks, according to the South China Morning Post. A spokesperson for China’s Commerce Ministry says, “top negotiators have had serious and constructive discussions on resolving issues of core concerns” over the last two weeks.

China’s Agriculture Ministry announced it will consider removing restrictions on the import of U.S. poultry. China says the U.S. and China should remove tariffs simultaneously, as part of reaching the agreement. If reached, the agreement would be welcome news to U.S. agriculture, as it’s thought to include $40-50 billion of U.S. ag exports to China over the next two years. U.S. agricultural exports to China dropped roughly $10 billion annually, half the usual amount since the trade war began.

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