JAKARTA (TheInsiderStories) – United States (US) and China have agreed to reduce import tariffs, as part of the first phase of a trade agreement, the officials from both sides said on Thursday (07/11). Currently, both imposed multiple rounds of tariffs on billions of dollars worth of goods.
As known, US President Donald Trump has used billions of dollars in tariffs on Chinese goods, as his main weapon in the trade war between the world’ two largest economies. China’ ministry of commerce spokesman Gao Feng, said that China and US have agreed to roll back some of the tariffs.
He asserted, if negotiators reach a phase one agreement in trade talks, then both the United States and China should reduce the tariffs by the same amount and at the same time.
While, White House trade advisor Peter Navarro told VOA, a phase one deal would address some US complaints with China’ trade policies, including currency manipulation, forced technology transfers and intellectual property theft, but that an overall trade agreement would have to accomplish more.
On Wednesday, US’ state of Wilbur Ross optimistic a “phase one” trade agreement to be signed by President Donald Trump and Chinese President Xi Jinping before the end of the year.
The plan to reduce rates gradually has invited strong opposition from many of his advisers inside and outside the White House. The value of US stocks weakened after t the plan faced internal opposition.
“There is no specific agreement for a gradual refund of rates,” said Michael Pillsbury, Trump’ external adviser.
He said the position of the US government was uncertain about which tariffs would be dropped. While the Chinese side hopes to reduce their hardliners so that tariffs will one day fall back.
Trump outlined the first phase of the agreement last month by ending a trade war with China and delaying planned tariff increases. But officials on both sides said later that much work had to be done before the pact was signed.
While, White House of National Drug Control Policy (ONDCP) director, Jim Carroll, stated after the Chinese government announced the conviction of multiple suspects charged with production and trafficking of illicit drugs, including fentanyl and its analogues.
“China’ fentanyl trafficking and production prosecution is a positive step in following through on the pledge secured by President Trump. We look forward to further cooperation to stop the flow of these deadly substances into the United States,” Carroll asserted.
In a meeting with Trump in December 2018, President Xi agreed to designate the entire class of fentanyl-related substances as Controlled Substances, meaning that people manufacturing and trafficking fentanyl into the United States will be subject to maximum penalties under Chinese law.
During meetings in Beijing in September 2019, Carroll secured commitments from China to take further steps and law enforcement action to crack down on illicit fentanyl production and trafficking.
These actions include: establishing recurring law enforcement cooperation meetings, rapidly responding to investigative leads, expanding detection and narcotics laboratory capabilities, improving the tracking of postal shipments, and launching joint investigations.
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