China wants U.S. tariffs rolled back in phase one trade deal

China's Global Times newspaper says that Beijing is insisting that a rollback of tariffs must be part of any phase one trade deal with Washington

China's Global Times newspaper says that Beijing is insisting that a rollback of tariffs must be part of any phase one trade deal with Washington

But while the week started on a positive note, worries about trade were revived by China's Global Times newspaper saying Beijing wanted all U.S. tariffs rolled back as part of a mini deal, a move observers said Washington is unlikely to agree to.

The Global Times is published by the People's Daily, the official newspaper of the Chinese Communist Party. American farmers have been hit hard by the ongoing trade war, with President Trump in November demanding that China buy up to $50 billion in USA agricultural products per year.

The comments come amid negotiations on a preliminary "Phase 1" agreement aimed at resolving the 18-month-old tariff war between the two largest economies.

"The sooner we can take off those tariffs, the better, (because) some of those adjustments won't have to be undertaken, and we will be able to get back to where we were before", professor of global economics and public policy Alan Deardorff of the University of Michigan Ford School of Public Policy said in a recent interview with Xinhua.

"Dollar falling apart on headlines that Trump will increase tariffs on China if there is no deal by Dec 15 according to Commerce Secretary Ross", says Viraj Patel, a foreign exchange analyst with Arkera. The U.S. has placed tariffs on more than $350 billion of Chinese goods amid the more than 17-month long trade war. The U.S. side did not confirm that. Chinese Vice Premier Liu He said he had invited senior USA officials to Beijing for further talks.

Trump said a deal with China would only happen if he wanted it to, and he thought he was doing very well in the talks.

"A phase one-related pause, which seems to be around the corner, could herald the end of further, scheduled tariff hikes and the rollback of those imposed in September".

Markets remain on alert over the trade friction after Beijing threatened unspecified retaliation for Donald Trump's decision to sign a law supporting Hong Kong pro-democracy protesters. Officials have not yet specified how or if Beijing will follow through on threats of "countermeasures".

Retailers already have stocked up on items for this Christmas, so now is a "really good time" if more tariffs must be added, said Ross.

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