Beijing [China], April 28 (ANI): China is calling on the United States to undo the increase of tariffs on Chinese goods amid soaring inflation in the country, Chinese commerce ministry spokesman Gao Feng said on Thursday.
He noted that it would meet the interests of both countries, according to Sputnik News Agency.
“In the current situation of high inflation, cancelling increased tariffs on Chinese goods meets the fundamental interests of US consumers and companies,” Gao said, adding that Washington’s policy of unilateral tariff hikes benefits neither their countries nor the world in general.
In 2018, the US hiked duties on certain Chinese imports in a bid to balance trade deficit. Both countries exchanged several rounds of reciprocal tariffs the following year.
In January 2020, the Trump administration and the Chinese government made a two-year trade deal known as “Phase One,” under which the US retained 25 per cent duties on Chinese goods worth about USD 250 billion per year, and 7.5 per cent duties on goods worth USD 120 billion, while China committed to purchasing USD 75 billion worth of US industrial goods, USD 50 billion worth of energy, USD 40 billion worth of agricultural products and up to USD 40 billion in services, Sputnik News reported.
Last year in December, China said it made efforts to fulfill the deal despite the pandemic and expressed the hope that the US would also make efforts on its end to continue developing bilateral trade. (ANI)