SET Soars 17pts on Trade Optimism of Tariffs Cancellation from the U.S. and China

China and the U.S. have agreed to a phased removal of import duties worth billions of dollars on each other goods, said the Chinese Commerce Ministry spokesperson Gao Feng on Thursday.

 

The cancellation is very important for both leaders to come to an agreement in the next trade talks which is expected to be the signing of the first phase trade deal.

The amount and products included in the cancellation are being discussed, but Gao Feng said that it should be at the same amount.

The trade deal, which is now in the middle of finding a venue for the meeting, is expected to scrap tariffs scheduled for December 15 on approximately $156 billion worth of Chinese imports, including cell phones, laptop computers and toys.

“The trade war started with tariffs, so it should end with tariffs,” said Gao Feng.

 

The trade deal, if not this month, is expected to happen on December 3 – 4 as the U.S. President Donald Trump will be in London for NATO leaders meeting, and the deal could be made before or at the sideline of the meeting like what Trump used to do.