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BEIJING (MNI) - China said on Friday it has reached a preliminary agreement
with the U.S. on the clauses of a "phase-one" deal to ease the 22-month trade
war between the two countries, but declined to confirm details given by the U.S.
on both the tariff reduction and its committed purchases of agricultural
Here are the major points from a late-night press briefing given by Vice
Minister of Commerce Wang Shouwen and four other vice ministers:
- The U.S. is committed to phasing out extra tariffs on Chinese products in
stages and it will also increase the exemptions on Chinese products from the
- While China has agreed to "drastically" increase imports of U.S. energy,
medical and agricultural products, especially soybeans, pork and poultry meat,
the details of the agreement are still being worked on, said Ning Jizhe, Vice
Chairman of the National Development and Reform Commission.
- China will strictly observe import quotas on wheat, corn, rice agreed
under WTO and in accordance with market needs, said Vice Minister of Agriculture
Han Jun. The U.S. also agreed to allow Chinese exports of poultry products, pear
and other products, Han said.
- The details on signing of the agreement are yet to be worked on as the
two sides work on the translation etc. of the agreement.
- China will consider refraining from adding further tariffs on Dec 15.
- Phase-two discussions will be pending on the proper implementation of the
phase-one deal. No timeline nor details on the extent of the tariffs to be
- The agreement includes nine chapters with issues about intellectual
property, technology transfer, food and agricultural products, financial
services, foreign exchange rates and transparency, trade expansion, bilateral
assessments and dispute settlement.
- For the next step, both parties will complete the necessary procedures
such as legal review and translation proofreading as soon as possible, and
negotiate the specific arrangements for the formal signing of the agreement.
- This agreement is generally in line with China's general direction of
deepening reform and opening up, and its inherent needs to promote high-quality
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