BEIJING – China put a positive face Saturday on a first-step trade agreement that dials down a trade war it blames the United States (US) for starting.
Chinese experts and news media joined government officials in saying the deal would reduce uncertainty for companies, at least in the short term.
“It at least stabilizes the situation and lays a foundation for the next round of trade talks or canceling additional tariffs in the future,” said Tu Xinquan, a professor at the University of International Business and Economics in Beijing. “I cannot predict what achievement can be made during the future talks.”
The two countries announced a “Phase 1” agreement Friday under which the US will reduce tariffs and China will buy more US farm products. Chinese officials said the nine-chapter text, which includes intellectual property, technology transfer, financial services, and dispute settlement, has to undergo legal and translation review before it can be signed.
At a late night news conference in Beijing, timed to coincide with the US morning, the officials said the United States would begin phasing out tariffs on Chinese imports, rather than continue to raise them. The deal was announced just two days before higher tariffs were set to kick in. China would make similar tariff cuts, the officials said, but they gave no details.
China portrayed the agreement as in line with the opening up of its economy and the deepening of its economic reforms. Increased imports of high-quality products from the United States and elsewhere will “meet the growing needs of the people for a better life,” said Wang Shouwen, a deputy commerce minister and trade negotiator. (AP)
