FILE PHOTO: China’s Ministry of Commerce spokesperson Gao Feng attends a news conference at the commerce ministry in Beijing, China, June 19, 2018. REUTERS/Thomas Peter
BEIJING (Reuters) – China and the United States must simultaneously cancel some existing tariffs on each other’s goods for both sides to reach a “phase one” trade deal, the Chinese commerce ministry said on Thursday.
The proportion of tariffs canceled must be the same, and how much tariffs should be canceled can be negotiated, said Gao Feng, spokesman at the commerce ministry.
Both sides have agreed in the past two weeks to cancel the additional tariffs imposed during their months-long trade war in different phases, Gao said.
Reporting by Yawen Chen and Martin Pollard; Writing by Ryan Woo; Editing by Kim Coghill