China says US agrees to undo tariff hikes in phases


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China says US agrees to undo tariff hikes in phases

On Thursday, the 7th of November 2019, Chinese commerce ministry had issued a statement saying that the world’s first- and second-largest economy, the United States and China respectively, both of which had been engaged in a gruelling tariff war causing an en masse supply chain disruption all over the globe for over sixteen months up until now, might have reached a ceasefire sooner-than-anticipated, as leading negotiators of both of the nations had agreed to suspend tariff hikes in multiple phases, nonetheless, the Chinese Commerce Ministry had not specified any particular timeframe.

In point of fact, latest news of fresh progress on multi-month-long Sino-US trade talk, which came as a breather for the money markets across the world and sent the Wall St. to an all-time record high, came forth less than a week before the two sides were expected to sign an interim trade deal in the US state of Iowa.

Meanwhile, adding a blaze of hope for the investors who had been shivering over the recent past on frets of a havoc-scale global economic slowdown, China’s Commerce Ministry Spokesman, Gao Feng said in a regular press briefing on Thursday (November 7th), “The trade war started with tariffs, and should end with the cancellation of tariffs,” adding that both of the sides must suspend some of the tariffs inclined on each other’s good in order to reach a “Phase One” trade deal.