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China, U.S. agree to roll back tariffs

Video Credit: Reuters Studio
Published on November 8, 2019 - Duration: 01:03s

China, U.S. agree to roll back tariffs

China and the U.S. have agreed to roll back tariffs if a broader 'phase one' trade deal is agreed, but Reuters sources say the plan faces fierce opposition from some in the White House.

Julian Satterthwaite reports.

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China, U.S. agree to roll back tariffs

China and the U.S. have agreed to roll back tariffs on each others' goods.

Officials from both sides said Thursday (November 7) that the levies would be phased out.

That's if a broader trade deal is agreed.

But the plan could still fall apart.

Reuters sources say there's fierce opposition from some inside the White House.

If an interim deal is done it's widely expected to cancel U.S. tariffs due to take effect December 15.

They would hit 156 billion dollars worth of goods.

Some Republican lawmakers say that should only happen if China complies with specific elements of a broader deal.

The uncertain prospects for an agreement prompted caution on markets.

European shares followed Asia lower in early trade on Friday.

The pan-European STOXX 600 opened point-4 percent lower.

Oil sank too.

International benchmark Brent Crude was down over one percent by mid morning.

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