China says U.S. agreed to tariff rollbacks, U.S. denies agreement has been reached

 In Industry Insider, Industry News

On Thursday, the Chinese government said that Beijing and Washington have agreed to cancel a portion of the tariffs the two nations have levied on each other in the past two years. Gao Feng, spokesperson for China’s Commerce Ministry, said that in any sort of “Phase 1” trade deal, the U.S. must and had agreed to tariff reductions on both sides.

On Friday, during a press conference outside the White House, President Trump indicated that he has not agreed to roll back the tariffs sought by China. “China would like to get somewhat of a rollback, not a complete rollback, ‘cause they know I won’t do it,” President Trump said. “I haven’t agreed to anything.”

According to reports, China is specifically seeking relief to the 15% tariffs on about $125 billion worth of Chinese goods (List 4a) and the 25% tariffs on $200 billion worth of Chinese goods (List 3).

It may be important to note that the announcement from China shortly follows the conclusion of the first meeting the Chinese Communist Party’s Central Committee has held in 20 months. Major policy shifts are not uncommon following meetings of the nation’s central governing body.  

Trans-Border will continue to monitor the situation. If you have any questions, please reach out to Bill Carey, Import Compliance Manager, at bcarey@tbgfs.com or (800) 493-9444.