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Beijing insists all US tariffs should be removed for a trade deal to happen

Beijing insists all US tariffs should be removed for a trade deal to happen
China’s Commerce Ministry said on Thursday that all existing tariffs on the country’s imports imposed by the United States must be scrapped immediately as part of any trade deal between the two nations.

Trade teams from both sides are in contact, said the ministry’s spokesman, Gao Feng.

“The US tariff hike on Chinese products was the trigger for bilateral trade frictions, so all the additional tariffs imposed since [the beginning of the trade war in July 2018] must be scrapped once there is a deal,” Gao said as quoted by the South China Morning Post.

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He added that “Consultations must be conducted based on the principles of mutual respect, equality and mutual benefit. The deal must be balanced, equal and mutually beneficial. China’s core concerns must be addressed.”

The ministry’s statement comes as the world’s two largest economies reached a truce last week during the G20 summit in Osaka, Japan. As a result, US President Donald Trump had agreed not to put tariffs on about $300 billion in additional Chinese imports and ease pressure on Chinese tech giant Huawei.

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The United States now has tariffs of 25 percent on $250 billion of Chinese goods, ranging from furniture to semiconductors.

For any deal to be reached, the remaining tariffs should be removed, Gao said when asked how long the trade truce can last. He added that Beijing welcomes Washington’s decision not to slap new tariffs on the country’s goods.

Trump said in March he wanted some tariffs to remain in place for a “substantial period of time,” even extending beyond any trade agreement.

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