U.S. has agreed to roll back trade tariffs, PRC says

U.S. has agreed to roll back trade tariffs, PRC says

With the US and China agreeing to scrap tariffs in phases as part of a partial deal to end a months-long trade dispute, . some officials at the White House have reportedly raised opposition against the idea.

Last month, the USA leader met with Chinese Vice Premier Liu He, leading the two countries to agree to a "phase one" deal that includes China's purchase of $40 billion to $50 billion worth of American agricultural products, as well as guidelines on intellectual property.

The U.S. -China trade war that Trump began has been a drag on both nation's economies, and the leaders had initially expected to take a step toward resolving it ahead of the 2020 U.S. elections at an global summit in Chile this month.

A day after China's announcement on Thursday (Nov 7) that it had agreed with the United States to cancel tariffs on each other's goods in phases, officials from the White House gave conflicting signals on how definitive this agreement was.

But American officials are wary of giving up this leverage when unsure of China's commitment to carry out its end of the deal.

Squeezed by the trade war with the United States, China's economy has continued to slide.

The office of the U.S. Trade Representative did not immediately respond to FOX Business' request for comment.

White House trade adviser Peter Navarro has echoed those claims telling Baker "it's just false" that the consumer is feeling the pain of the tariffs.

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"That's what I think is maybe going on here, the spectacle of the Chinese propaganda press putting out information like that".

The two sides have been trying to negotiate a limited trade deal that would entail the US dropping some tariffs on Chinese imports in exchange for Beijing resuming purchases of American farm goods and other products. "But we remain cautious", said Louis Kuijs of Oxford Economics in a report.

Analysts caution that the deal might yet fall through, although the White House is eager for an agreement.

Trump and President Xi Jinping were due to meet at this month's gathering of Asia-Pacific leaders in Chile but that event was canceled because of protests there.

"There's nothing that Trump hates more" than someone backtracking on a deal, he said.

"Both sides have agreed to cancel additional tariffs in different phases, as both sides make progress in their negotiations".

Share prices on Wall Street rose on Thursday, on expectations of significant progress in the trade talks. The S&P 500 jumped to a record-high by midday Thursday and the Dow jumped more than 200 points.

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