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Report: China Wants Tariff Rollbacks As Part Of Initial Trade Deal

Tanzeel Akhtar

China will struggle to buy $50 billion of U.S. farm goods annually unless the U.S. rolls back tariffs on the coutnry's products, Bloomberg reported Tuesday.

On Friday, President Donald Trump said the U.S. and China reached an initial but “substantial” trade agreement dealing with intellectual property, major agricultural purchases and financial services.

The deal would avert a new round of tariffs on China, and includes an agreement by the Chinese to purchase up to $50 billion worth of agricultural items.

It emerged Monday that China wants further talks in October to cover the details of the "Phase One" trade deal set out by Trump before President Xi Jinping signs on. 

The iShares FTSE/Xinhua China 25 Index (NYSE: FXI) was trading 0.5% higher at the time of publication in Tuesday's premarket session. 

Related Links:

Report: China Narrows Scope For Trade Deal With U.S.

Report: China Wants More Talks Before Signing Trump's Phase 1 Trade Deal


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