Trump says no full 'rollback' of China tariffs

Trump says no full 'rollback' of China tariffs

Trump says no full 'rollback' of China tariffs

United States locations for a meeting between Trump and Chinese President Xi Jinping (習近平) that had been proposed by the White House, including Iowa and Alaska, have been ruled out, a person familiar with the matter said.

U.S. President Donald Trump told reporters Friday he has not agreed to roll back tariffs on China but that Beijing would like him to do so.

According to Chinese Commerce Ministry spokesperson Gao Feng, the upcoming "phase one" trade deal between the world's two largest economies is expected to include a resolution to dismiss the 15% duty to be implemented on December 15, which affects hundreds of millions of dollars worth of Chinese consumer goods, including footwear, apparel and accessories.

"I won't do it", he told reporters at the White House when asked about a complete rollback of tariffs he has imposed on nearly $400 billion in Chinese goods.

A Chinese spokesman announced the development Thursday as talks on ending the trade war progressed - a development that triggered a rally in us stock markets.

But markets also have been buffeted by conflicting comments from White House officials, including China hardliner Peter Navarro who earlier Friday cast doubt on any plans to remove punitive duties. S&P 500 futures retreated 0.1% after the NY benchmark hit its highest closing level ever on Thursday.

President Donald Trump agreed to postpone a planned tariff hike while lower-level officials hammered out details.

"They'd like to have a roll back but I've not agreed to anything", Trump said. "I'm very happy right now, we're taking in billions of dollars".

If it is completed, it is widely expected to include a USA pledge to scrap tariffs scheduled for Dec 15 on about $156 billion worth of Chinese imports, including cell phones, laptop computers and toys.

A source previously told Reuters that Chinese negotiators wanted the United States to drop 15% tariffs on about $125 billion worth of Chinese goods that took effect on September 1. Based on talks in October, it would also include $40 billion to $50 billion in Chinese purchases of USA agricultural goods and certain currency measures and expanded protections for intellectual property in China demanded by the United States.

"China will continue to improve the business environment, to make it more market-oriented, law-based and internationalized", Xi said, addressing the second China International Import Expo in Shanghai.

Still, the tariffs have hurt both countries' economies. Falling imports point to a slowing domestic economy. They have responded by cutting their investment spending in new plants and equipment.

"The American side has been ambiguous when and which tariffs will be lifted".

Hopes for progress in defusing trade tensions have driven global stocks higher this month.

Trump had originally indicated that he could sign a phase 1 deal with Chinese President Xi Jinping at mid-November's Asia-Pacific Economic Cooperation summit in Chile, since canceled.

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