China and the U.S. have agreed to a phased rollback of the punitive tariffs placed on each other’s goods, according to news reports. But a timetable for the gradual removal was not disclosed.
A spokesman for China’s Ministry of Commerce said the two governments have had “serious and constructive discussions” over the past few weeks and that, in order to reach a “phase one” trade deal, the two would have to cancel some tariffs, Reuters reported Thursday.
An interim deal, it said, is expected to include a U.S. pledge to drop plans for a tariff on some $156 billion in imports that was slated for Dec. 15. Separately, China wants the U.S. to drop a 15% tariff on about $125 billion in goods that took effect Sept. 1, Reuters said, attributing the information to an unnamed source.
“They also sought relief from earlier 25% tariffs on about $250 billion of imports, ranging from machinery and semiconductors to furniture,” the news agency reported.