US, China Agreed to Eliminate Tariffs in Stages, Says China

China and the U.S. agreed to lift tariffs in stages as they progress toward a phase 1 trade agreement, said a Chinese Commerce Ministry spokesperson Thursday. If the two sides reach a phase 1 deal, "they should cancel the tariffs that have been imposed according to the content of the agreement,” said the spokesperson in an unofficial translation. “The trade war starts with the addition of tariffs and should also be terminated by the elimination of tariffs.” Canceling tariffs in stages is “an important condition for reaching an agreement,” said the spokesperson. The U.S. and China negotiating teams remain in “close communication,” he said. “The leaders of the two sides have conducted serious and constructive discussions on properly addressing their core concerns,” he said. Eliminating the tariffs “will help stabilize market expectations, benefit the economies of the two countries and the world economy, benefit producers, and benefit consumers,” he said. The Office of the U.S. Trade Representative didn't comment Thursday.