China seeks scrapping tariffs as part of deal

Business | Reuters 15 Nov 2019

China and the United States are holding "in-depth" discussions on a first phase trade agreement, and canceling tariffs is an important condition, the Chinese commerce ministry said yesterday.

The degree of tariff cancellation should fully reflect the importance of a "phase one" agreement, ministry spokesman Gao Feng added.

"China has emphasized many times that the trade war began with additional tariffs and should end with the cancellation of additional tariffs," said Gao.

The US tariffs on Chinese goods could raise the price of cellphones, laptops, and toys less than two weeks before Christmas.

Meanwhile, China's factory output growth slowed significantly more than expected in October with weakness in global and domestic demand and the Sino-US trade war.

Industrial production rose 4.7 percent year-on-year in October, below the median forecast of 5.4 percent and slower than September's 5.8 percent.

Property investment and sales growth both eased to a three-month low in October.

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