After more than a year and a half of heightened US-China trade tensions, both countries have finally come to an agreement about phasing out the tariffs that were imposed as part of the conflict, a spokesperson for the Chinese Ministry of Commerce announced on Thursday.
China and the US are currently working on a “phase one” deal that would involve both countries simultaneously cancelling some tariffs on each other’s goods, the official stated, adding that “the trade war started with tariffs, and should end with the cancellation of tariffs.” The spokesperson did not provide a timeline, but said that “both sides have agreed to cancel additional tariffs in different phases, as both sides make progress in their negotiations.”
For additional insights into the trade war, check out our August report.
Read more: China says it has agreed with US to cancel tariffs in phases
