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China says existing U.S. tariffs must be removed for a trade deal

Video credit: Reuters Studio
Published on July 4, 2019 - Duration: 01:20s

China says existing U.S. tariffs must be removed for a trade deal

Trump officials say trade talks with China to continue next week as China says existing U.S. tariffs will have to be removed for an agreement.

Pascale Davies reports.

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China says existing U.S. tariffs must be removed for a trade deal

As U.S./ China trade talks are said to go ahead next week, discussions between the world's top two economies could become tricky.

Officials from the Trump administration said on Wednesday that trade talks would resume this coming week.

But China's commerce ministry said on Thursday that a deal could be agreed if existing U.S. tariffs are removed.

President Donald Trump and his Chinese counterpart Xi Jinping agreed to relauch talks, which stalled in May, at the sidelines of the G20 on Saturday.

As part of the truce, Trump agreed not to put tariffs on about $300 billion dollars in additional Chinese imports.

But there are existing tariffs of 25% on $250 billion dollars of Chinese goods.

Trump also said on Saturday American companies could restart selling products to Huawei after blacklisting it.

But industry and government officials are uncertain what the new policy on Huawei will be.

How long the truce can last this time around has made the markets weary Hong Kong's index closed down 0.2% on Thursday as traders await the latest U.S./China developments.

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