BEIJING (Reuters) – China hopes to reach a phased agreement in a protracted trade dispute with the United States and cancel tariffs as soon as possible, the Commerce Ministry said on Thursday, adding that trade wars had no winners. A phased agreement would help restore market confidence and reduce uncertainty, ministry spokesman Gao Feng told reporters, adding that both sides were maintaining close communication. “The final goal of both sides’ negotiations is to end the trade war and cancel all additional tariffs,” Gao said. “This would benefit China, the U.S. and the whole world. We hope that both sides will continue to work together, advance negotiations, and reach a phased agreement as soon as possible.” U.S. President Donald Trump on Oct. 11 outlined the first phase of a deal and suspended a threatened tariff hike, but officials on both sides said much more work needed to be done. Trump had originally planned to proceed with a rise in tariffs to 30% from 25% on about $250 billion worth of Chinese goods last week. But the U.S. administration has yet to make a decision on how to address planned 10% tariffs on roughly $156 billion of Chinese goods due to take… Read full this story
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