Report: US officials consider lifting China tariffs

Mnuchin raised the idea of revoking tariffs on some or all of the US$250 billion in Chinese goods impacted, during discussions on the strategy for the current talks but the question has not yet reached the White House. — Reuters pic
Mnuchin raised the idea of revoking tariffs on some or all of the US$250 billion in goods impacted, during discussions on the strategy for the current talks but the question has not yet reached the White House. — Reuters pic

WASHINGTON, Jan 18 ― US officials have considered lifting tariffs on Chinese imports to calm volatile stock markets and encourage Beijing to make concessions in current trade talks, The Journal reported yesterday.

American and Chinese trade officials have until March 1 to resolve their trade war, to prevent a sharp increase in punitive US duties on US$200 billion (RM822.6 billion) in Chinese goods.

Treasury Secretary Steven Mnuchin raised the idea of revoking tariffs on some or all of the US$250 billion in Chinese goods impacted, during discussions on the strategy for the current talks but the question has not yet reached the White House, according to The Journal.

The US reacted favorably to the report, with prices closing higher after being flat for most of the day.



The talks with Beijing are being led by US Trade Representative Robert Lighthizer, who has taken a more hard line position on trade than Mnuchin.

The Treasury Department told AFP on that the trade talks with were “nowhere near completion.”

“Neither Secretary Mnuchin nor Ambassador Lighthizer have made any recommendations to anyone with respect to tariffs or other parts of the negotiation with China,” a spokesperson working with the trade team said by email.

CNBC quoted a senior White House official involved in the trade talks saying that Trump had no incentive to offer concessions, and officials instead were focused on preparations for talks with Chinese Vice Premier Liu He set for 30-31 in Washington.

US President Donald Trump tweeted January 8 that the talks with Beijing were “going very well!”

But the trade war has rattled stock markets in the months since, putting pressure on the White House to reach a resolution.

Trump launched the trade war last year and the two sides have since exchanged tit-for-tat tariffs on more than US$360 billion in two-way trade. ― AFP

Source: The Malay Mail Online







Leave a Reply

Your email address will not be published. Required fields are marked as *

Time limit is exhausted. Please reload CAPTCHA.