Beijing wants US to roll back tariffs in Phase One trade deal


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Beijing wants US to roll back tariffs in Phase One trade deal

Fanning the flames of a growing uproar over a re-escalated Sino-US trade tension following US Senate’s bill to back Hong Kong Protestors, a Global Times newspaper report published on Sunday, the 1st of December 2019, revealed that China had been pressing the United States to revert tariffs as a part of a “Phase One” trade deal with Washington citing anonymous sources familiar with the subject-matter, as tensions were running high in the money markets across the globe on whether the two sides could reach a trade accord by the year-end.

Aside from that, the Global Times Newspaper, published by the China’s ruling Communist party, had also added in a tweet on Sunday (December 1st), “A US pledge to scrap tariffs scheduled for December 15 cannot replace the rollbacks of tariffs,” adding that an additional round of tariff hike would be imposed on US imports if the two sides could not reach a trade accord.

Nonetheless, on Tuesday (November 26th), the US President was quoted saying that Washington had been at a final phase to reach a trade accord with Beijing, which in effect had lifted the Wall St. to a new record high, while pan-European STOXX 600 was harbouring above a new four-year peak, but later part of the week trade tensions resurfaced again after the US President Donald Trump had approved a Senate bill backing protestors in the China-controlled island city of Hong Kong, pinching China to threaten Washington with retaliatory measures.