China stated on Thursday that it expected the US to roll back tariffs on its products as part of any final trade agreement, according to Markets Insider.“China‘s position, principle, and goal for the China-US trade negotiations has never changed,” Gao Feng, a Commerce Ministry representative, said, “Both sides’ ultimate goal for the negotiations is to end the trade war, cancel all additional tariffs.”
Recently, the Trump administration agreed to delay scheduled tariff increases in order to restart trade negotiations between the two nations. China’s demands are undisclosed, but the U.S. has asked for large agricultural-import quotas and unspecified adjustments to intellectual property rules.
Tariffs on thousands of Chinese imports are still in effect despite the ceasefire, but the U.S. plans to impose additional tariffs if a deal is not reached by December. There has been widespread skepticism about the global economy due to the trade war, but the Trump administration has defended trade progress with China.
“For the skeptics out there, I appreciate that, and I respect that, but I’m telling you there’s a lot of momentum, and there’s agreement on both sides,” Larry Kudlow, the White House economic adviser stated on Thursday.