China to request slashing of U.S. tariffs on Chinese goods
U.S. and Chinese trade officials are set o discuss plans on Friday for China to purchase more U.S. farm products, but in exchange, China will ask the U.S. to cancel both existing and planned tariffs
U.S. Trade Representative Robert Lighthizer together with U.S. Treasury Secretary Steven Mnuchin, and Chinese Vice Premier Liu He will hold telephone conversations on Friday, attempting to ease the 16-month trade war that has taken its toll on a global scale, causing an economic slowdown.
Both sides are working to agree on a text for a “Phase 1” trade agreement. Trump has only agreed to remove an increase in tariffs due on Oct. 15 on $250 billion worth of Chinese goods.
China will be requesting from the U.S. to cancel the tariff imposition on $156 billion worth of Chinese goods, including cell phones, laptop computers and toys, due on Dec. 15.
Aside from that, the Chinese government will also seek the removal of 15% tariffs imposed on Sep. 1 on $125 billion of Chinese goods.
“The Chinese want to get back to tariffs on just the original $250 billion in goods,” according to a source.
Steven Mnuchin said last week that the Dec. 15 tariffs have not been decided yet and added: “We’ll address that as we continue to have conversations.”