China trade war: Tariff revenue reaches record $7.1B in September

Daniel Fowler
November 8, 2019

"If China [and the] U.S. reach a "phase one" deal, both sides should roll back existing additional tariffs in the same proportion simultaneously based on the content of the agreement, which is an important condition for reaching the agreement", he said.

"There is no agreement at this time to remove any of the existing tariffs as a condition of the phase one deal, and the only person who can make that decision is President Donald J. Trump and it's as simple as that", Navarro said in an appearance on 'Lou Dobbs Tonight'.

The announcement came amid ongoing bilateral "extensive and serious" discussions over the past two weeks between Beijing and Washington to end their trade war, and reach an agreement that would help stabilize the world economy.

If the proposals go ahead it is likely to boost the global economy, which has been hammered by tensions between.

The proportion of tariffs cancelled for both sides to reach a "phase one" deal must be the same, but the number to be cancelled can be negotiated, he added, without elaborating. The Washington-based lender of last resort to indebted countries said its economists had already shown that the two countries' trade war had slowed global growth significantly this year.

The International Monetary Fund estimates that the US-China trade war will shave nearly a percentage point off of global growth this year.

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United States trade representative, Robert Lighthizer, is one of several officials who have argued that the duties on the $250bn of goods are a way of making sure China lives up to its commitments and should be in place for the long term.

The Oct. 12 agreement was modest and details have yet to be put on paper but it was welcomed as a sign of progress toward ending the trade war. Beijing has yet to confirm the scale of its commitment.

A person familiar with China's negotiating position said it was pressing Washington to "remove all tariffs as soon as possible". Yet it will be the first figure that will raise more than a few eyebrows.

Dozens of venues have been suggested for a meeting, which had originally been set to take place on the sidelines of a now-cancelled mid-November summit of Asia-Pacific leaders in Chile, a senior Trump administration official told Reuters on Wednesday. But U.S. officials say the two governments are looking for a different location.

The Chinese Communist Party is trying to "re-trade" the agreement, said Stephen Bannon, former White House adviser.

"There are still hurdles to be overcome but it is encouraging that, contrary to last spring, Chinese negotiators are sending more positive signals, as well as their U.S. counterparts", said Raoul Leering, the head of global trade analysis at the investment bank ING. "If the U.S. considers the mini-deal as no more than a limited first step towards a phase-two deal which would resolve the more hard issues, it will want to keep the pressure on". He gave no indication whether rolling back tariffs was a possibility at this stage.

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