China reportedly said the world’s two largest economies had agreed to cancel additional tariffs imposed in their months-long trade war. Both sides must simultaneously cancel some existing tariffs on one another’s goods in order to reach a “phase one” trade agreement, citing a spokesperson at the commerce ministry. The report also said the proportion of tariffs scrapped must be the same.
The U.S. and China have imposed tariffs on billions of dollars’ worth of one another’s goods since the start of 2018, battering financial markets and souring business and consumer sentiment.
