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China will not strike trade deal unless existing tariffs are stripped

According to China’s Ministry of Commerce, the US has to lift all the tariffs placed on Chinese goods if there is to be a trade deal. “If the two sides are to reach a deal, all imposed tariffs must be removed,” Ministry of Commerce spokesman Gao Feng said on Thursday 4 July ‘19. “China’s attitude on that is clear and consistent.”

US and China agreed to hold off on imposing new tariffs and start talks again

The two countries reached a truce in their year-long trade war last week at the G-20 summit in Japan. President Donald Trump and Chinese leader Xi Jinping agreed to hold off on imposing new tariffs and start negotiations again. Trump also decided to ease his ban on American companies selling products to Chinese telecom giant Huawei. China said it would continue to buy US agricultural products.

However, cnbc.com reported that Trump said after the G-20 meeting that the 25% tariffs currently imposed on $250 billion in Chinese goods will not be reduced.

While the two nations reached an agreement, which was similar to the one at the G-20 summit in Argentina at the end of 2018, there are still many sticking points including the issue of intellectual property that could deter a long-term deal.

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