China, US agree to roll back tariffs in phases: Beijing

China says it has agreed with US to cancel tariffs in phases

China says it has agreed with US to cancel tariffs in phases

Trump said in late October that he would shortly reveal the new summit site, but an official announcement has yet to be made.

In a step towards a trade deal, Beijing on November 7 announced that China and the USA agreed to remove additional tariffs on their goods, local media reported.

A person familiar with China's negotiating position said it was pressing Washington to "remove all tariffs as soon as possible". China is also reportedly looking at the removal of curbs on USA poultry imports.

Earlier, China's commerce ministry said it had reached a deal with Washington to remove tariffs on each other's goods as part of the agreement.

A proposal that the U.S. roll back a portion of tariffs on Chinese products has reportedly led to a sharp divide among White House officials.

The conflicting reports come as President Trump preps for meetings with his Chinese counterpart in the coming weeks to continue hammering out a resolution to a months-long trade spat, which has seen the two powers impose billions in levies on each other's goods. Ever since the US fired the first shot in the trade war in July past year, the two leaders have met face-to-face only at Group of 20 gatherings.

Stocks in Asia were mixed Thursday and futures on the S&P 500 were flat. The Dow Jones industrial average jumped nearly 1% to 27,739 while the S&P 500 rose to its second all-time high of the week, of 3,095. The gold price slipped by more than 1% to $1,476 an ounce on Thursday. Wielding the pressure of tariffs, the United States is seeking to extract broader concessions that would force China to protect American companies from intellectual property theft and unfair competition. That is depressing trade in goods from soybeans to medical equipment.

"Settling for a shallow deal seems like an attempt for the United States to extricate itself from more economic pain before the election year, particularly because the latest tariffs have been more disruptive than the U.S. administration originally thought", he said.

Analysts say the phase one deal will fail to adequately address these issues, focusing largely on Chinese purchases of USA farm goods and intellectual property protections related to copyright and trademark issues. China's Communist Party is a using a "hyper-aggressive negotiation strategy of trying to redefine reality", he said.

"Given President Trump's love of tariffs, the additional element (of tariff rollbacks) may increase the risk and prolong the phase-one negotiation", said OCBC Bank's head of Greater China research Tommy Xie.

A spokesman for the International Monetary Fund said an interim trade deal that rolled back some tariffs had the potential to improve its economic forecasts for 2020. The Washington-based lender of last resort to indebted countries said its economists had already shown that the two countries' trade war had slowed global growth significantly this year.

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