Phase One Trade Deal Boosting Market Confidence, China Says
The phase one trade deal (see 1912130035) between the U.S. and China has reduced Chinese “market uncertainty” and the two sides should cancel the remaining tariffs, a spokesman for China’s National Bureau of Statistics said during a Dec. 16 press conference. “It has strengthened market confidence and promoted economic and trade development, both for China and the United States, and for the world,” Fu Linghui said, according to an unofficial translation. “[It is] positive.” He also said the countries are continuing negotiations and should cancel “the levy of tariffs in stages, contributing more power to world economic growth.”
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China’s Foreign Ministry struck a more cautious tone, saying Dec. 16 that the two sides are still deciding “where and how” they will sign the deal. “Our two sides still need to go through necessary procedures including legal reviewing and translation proofreading,” a spokesman said. “Working-level discussions are still going on.”