China says the existing US tariffs against the country must first be removed if Washington wants any trade deal with Beijing.
China’s Commerce Ministry spokesman Gao Feng announced the condition in a regular media briefing on Thursday, almost a week after Chinese President Xi Jinping and his American counterpart, Donald Trump, met on the sidelines of the G20 summit in Osaka, Japan and agreed to re-launch stalled trade negotiations.
At the time, Trump agreed not to put tariffs on about $300 billion in additional Chinese imports and ease curbs on Chinese tech giant Huawei.
Gao also welcomed Trump’s decision not to slap new tariffs on Chinese goods.
Washington now has tariffs of 25 percent on $250 billion of Chinese goods, ranging from furniture to semiconductors.
Chances of this happening? Seems more likely that this trade war turns gets significantly hotter going forward, which is market negative for 2H 2019…