China And The United States Agree To Phased Out Tariff Increase With The Progress Of The Agreement.

In November 7th, the first regular press conference of the Ministry of Commerce disclosed the latest progress of Sino US economic and trade consultations. Ministry of Commerce spokesman said that during the past two weeks, the leaders of the two sides made a serious and constructive discussion on properly resolving their core concerns and agreed to phased out the tariff increase with the progress of the agreement. This will help stabilize market expectations, benefit the economies of China and the United States, the world economy, producers and consumers.

"China's position on tariffs is consistent and clear. Trade wars should start with a higher tariff and should be abolished by adding tariffs. As for how much the first phase can be cancelled, it can be agreed according to the contents of the first stage agreement. If China and the United States reach the first stage agreement, they should cancel the additional tariff according to the agreement and the synchronous ratio, which is an important condition for reaching an agreement. The summit emphasized.

In the thirteenth round of high-level consultations, which ended in early October, China and the United States made substantial progress in some agreements. Since then, the leaders of the two sides have made calls two times, and have made serious and constructive discussions on the proper solution of their core concerns, and achieved a principled consensus.

In a call on the evening of October 25th, the two sides agreed to reach a consensus on the importation of China's self-produced cooked poultry, catfish product regulatory system and the lifting of the ban on US poultry exports to China and the application of public health information system for meat products.

According to Xinhua News Agency on November 7th, the General Administration of customs and the Ministry of agriculture and rural areas are studying the lifting of restrictions on export of US poultry meat to China. A day ago, a spokesman for the General Administration of Customs of China said that in November 5th, the Federal Register of the United States announced the final rule of the Chinese catfish exporting to the United States, confirming that the catfish regulatory system in China is equivalent to the United States. China is one of only three countries in the world listed as eligible to continue exporting catfish to the United States. Previously, the regulatory system of Chinese catfish exported to the United States has successfully passed the document review and field verification of the food safety inspection bureau of the United States Department of agriculture.

In the last call, the two sides discussed the next negotiation arrangement. Shortly before the call, the Chilean government announced its abandonment of the official informal meeting of the Asia Pacific Economic Cooperation (APEC) leaders scheduled for November this year. In response, a spokesman for the Ministry of Commerce has said that China and the United States will continue to push forward consultations and other work according to the original plan. White House spokesman Hogan Gidley also said in October 30th local time, the US government still expects to finalize the first stage trade agreement with China in November.

At present, there is widespread concern about where and when the first phase of the Sino US agreement will be signed.

"At present, the economic and trade consultations are progressing smoothly," the spokesman of the Ministry of foreign affairs, Geng Shuang, said at a press conference in November 1st. "The two sides will press ahead with the work of the consultations according to the original plan. We hope that the two sides can find a proper solution to the economic and trade problems on the basis of mutual respect, equality and mutual benefit. As for the first meeting of the US dollar, I want to point out that the heads of state of the two countries have maintained contacts through various means.

The summit also said that China's position, principles and objectives on Sino US economic and trade consultations have never changed. The final goal of the two sides' consultation is to stop trade wars and cancel all tariffs. "We hope that the two sides will continue to work together to promote negotiations, reach a phased agreement as early as possible, and make new progress in the issue of tariff cancellation."

Affected by relevant news, global stock market jumped in November 7th. Hang Seng Index rose late, rose 0.57%; European stock market rose sharply after opening; FTSE China A50 index futures rose 0.43%; offshore RMB against the US dollar continued to rise, rose more than 400 points, as of Beijing time 21 when the price of 6.9714.