In the past two weeks, chief leaders for trade negotiations from China and US have agreed to cancel the additional tariffs in different phases after carrying out constructive discussions on bilateral core concerns, according to Gao Feng, the spokesperson for China’s Ministry of Commerce, on a press release on November 7.

To reach phase one deal, both sides must simultaneously cancel some existing tariffs on each other’s goods, and the proportion of tariffs canceled must be the same, and how much tariffs should be canceled can be negotiated, he said. 

The spokesperson also said that this will be a move beneficial to stabilize the market expectation, bilateral and global economy, and producers and consumers.