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Commerce | China - US Trade: China hints at progress in U.S. trade talks

By Gerry Shih  2minutos - Source: The Washington Post BEIJING — China’s Commerce Ministry said Thursday that U.S. and Chinese negotiators have agreed in principle to roll back tariffs in simultaneous stages if their trade talks advance. Gao Feng, the ministry spokesman, did not say a “phase-one” agreement had already been reached, nor give a timetable for when one could happen, but he said the two countries have held “earnest and constructive” talks. “If the two parties reach the first-phase agreement, they should, in accordance to the contents of the agreement, simultaneously and proportionally cancel the tariffs that were already raised,” Gao said. “This is an important condition for reaching an agreement.” China has long said that the United States must roll back tariffs as a condition of a trade deal and has sought a tariff reduction as part of the first phase. Gao’s comments lifted stocks and market futures in Asia and th