China is demanding that President Donald Trump not only eliminate a round of tariffs scheduled to go into effect in mid-December but also wants him to lift another substantial round of penalties imposed in September as Chinese President Xi Jinping considers a visit to the United States to sign a “phase one” trade deal, reported Politico.
Beijing is engaged in a “full court press” for the removal of the tariffs in exchange for agreeing to buy up to $50 billion worth of US farm goods within two years and implement commitments to open its financial services sector and increase intellectual property protections, according to Politico sources.
Right now, the assumption is that reaching a phase one deal will eliminate a 15 percent tariff that is scheduled to hit roughly $160 billion worth of Chinese goods, one of the people said. That tranche of penalties would have hit a range of consumer goods including laptops and smartphones.
You must log in to post a comment.