China expressed cautious optimism Saturday about a first-step trade agreement that dials down a trade war it blames the U.S. for starting. Chinese experts and news media joined government officials in saying the deal would reduce uncertainty for companies, at least in the short term. “It at least stabilizes
BEIJING — China expressed cautious optimism Saturday about a first-step trade agreement that dials down a trade war it blames the U.S. for starting.
“It at least stabilizes the situation and lays a foundation for the next round of trade talks or canceling additional tariffs in the future," said Tu Xinquan, a professor at the University of International Business and Economics in Beijing. “I cannot predict what achievement can be made during the future talks."
At a late night news conference in Beijing, timed to coincide with the U.S. morning, the officials said the United States would begin phasing out tariffs on Chinese imports, rather than continue to raise them. The deal was announced just two days before higher tariffs were set to kick in. China would make similar tariff cuts, the officials said, but they gave no details.
Bai Ming, an economic expert described as being close to the commerce ministry, told the state-owned Global Times newspaper that the U.S. tariff cuts demonstrate a positive attitude.Story continuesIn a separate piece, the Global Times called the agreement a new beginning. It pointed to stock market gains in recent days as word of a possible deal emerged. The dispute between the world's two largest economies had rattled markets and depressed global growth.
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