China Open to Partial Trade Deal — but Only If Trump Drops Upcoming Tariff Hikes
Click here to read the full article.
As high-level officials prepare to descend on Washington for the latest round of trade talks, China has reportedly indicated that it would be open to accepting a partial deal with the United States — if President Donald Trump nixes upcoming planned tariff hikes on Chinese imports.
A Bloomberg report, which cited an unnamed source with direct knowledge of the discussions, noted that Beijing’s representatives “aren’t optimistic about securing a broad agreement” that would put an end to the yearlong financial dispute between the world’s two largest economies.
More from Footwear News
However, the source noted that China was willing to strike a limited agreement as long as Trump drops the added duties set to take effect this month and December.
Over the past year and a half, the U.S. leader has initiated four tranches of tariffs on China, recently postponing additional levies on $250 billion worth of Chinese goods — representing the combined first three tranches. The 5% duty increase, which was originally scheduled to take effect on Oct. 1, will now be imposed on Oct. 15.
Another group of levies — the fourth tranche — impacts $300 billion in Chinese imports, including footwear, apparel and other consumer products. On Sept. 1, Washington hit Beijing with a 15% levy on $112 billion worth of those items. Tariffs on the remaining $188 billion will be implemented on Dec. 15.
In exchange for the Trump administration’s compliance, China would offer the U.S. “non-core concessions,” including the increased purchase of agricultural products, the source reportedly told Bloomberg.
The news comes a day before trade negotiations between the two countries are scheduled to resume. Chinese Vice Premier Liu He and U.S. Trade Representative Robert Lighthizer will meet on Thursday, followed by a potential meeting with Trump on Friday.
Want more?
Run the Numbers: Less Than Half of Americans Will Buy a Product That Costs More Due to Tariffs
After New China Tariffs Hit, Here’s How Footwear Stocks Are Faring
Sign up for FN's Newsletter. For the latest news, follow us on Facebook, Twitter, and Instagram.
