BEIJING — China put a positive face Saturday on 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. They remained cautious, saying both sides will have to show a willingness to compromise to resolve the more fundamental differences between them.
“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.”
The two countries announced a “Phase 1” agreement Friday under which the U.S. will reduce tariffs and China will buy more U.S. farm products. Chinese officials said the nine-chapter text, which includes intellectual property, technology transfer, financial services and dispute settlement, has to undergo legal and translation review before it can be signed.
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. (AP News)