China Caves on Trade Tariffs

China Caves on Trade Tariffs

President Trump wins again!

A spokesperson for China’s Commerce Ministry announced on Thursday that Beijing and Washington have agreed to lift the current trade tariffs between the two countries.

The spokesperson, Gao Feng, said:

“Over the past two weeks, the two negotiating teams had serious and constructive discussions and agreed to remove the additional duties imposed on each other’s products in different phases after they make progress in reaching a deal. Both sides should simultaneously undo existing additional tariffs in the same proportion to reach phase one deal, and that is an important condition for signing a preliminary agreement.”

Although China has agreed to phase out the tariffs, White House spokeswoman Stephanie Grisham isn’t making the deal sound as solid as Feng did. During a recent interview, she said the administration is optimistic that the two countries will “reach a deal soon.”

The impending end of the tariffs caused US stock index futures to rise on Thursday morning, where the Dow opened up 120 points higher than the day before.

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