China expects US to ease tariffs on its goods
China has proposed lifting some additional US tariffs on its goods. According to Shu Jueting, a spokesperson for China's Ministry of Commerce, removing tariffs on Chinese goods may boost the global economic recovery.
President Joe Biden's administration has already commented on the issue. The US is not planning to lift tariffs on some Chinese goods in the near future. That is why the question remains open.
Shu Jueting emphasizes that the removal of US additional tariffs is necessary since it is a crucial condition for the recovery of both global and local economies. Such a step is likely to meet demand of Chinese and US consumers and producers.
Notably, on January 15, 2020, the US and China signed a preliminary trade agreement. As part of the agreement, the US should have cut by half the tariff rate it imposed earlier on a $120 billion list of Chinese goods, to 7.5%. In addition, tariffs of 25% on 250 billion worth of Chinese goods were also in place.
According to the agreement, China has promised to purchase $200 billion of US goods over the following two years: $50 billion worth of energy, $40 billion in agriculture, $35-40 billion in services, and $75 billion of manufactured products.
In December, China's Ministry of Commerce said that in the last two years, China had to cope with pandemic consequences applying considerable efforts. At the same time, it had to comply with the obligations of the initial trade dealThat is why the Chinese authorities hope that the US will create favorable conditions necessary for the expansion of bilateral trade.
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