The U.S. and China come to an agreement to cancel retaliatory tariffs in phases.
Reuters cites the Chinese Commerce Ministry, which didn’t specify a timetable. Both countries say they’ve been in constant contact to work out a phase one trade deal.
On Wednesday, we reported China wanted tariff cancellations to be a part of it. A ministry spokesperson says both sides must simultaneously scrap some taxes, but the number to be canceled can be negotiated.
China may also remove restrictions on U.S. poultry imports. The report comes from China’s state news agency. The ban on poultry and eggs started in January 2015 during the avian influenza outbreak. U.S. officials expect the phase one deal to be signed sometime this month. However, one source Bloomberg reports, the signing could be delayed until December.
