china's ministry of commerce as the country has achieved what it is calling consensus in principle withnited dates on trade. a ministry statement mark: i'm mark crumpton with bloomberg's first word news. have ministry of commerce says the country has achieved what it is calling "a consensus and principle with the united states on trade." the ministry sites a phone call today between the chinese vice u.s. trade representative robert lighthizer, and treasury secretary steven mnuchin. a wildfire that arrested overnight near los angeles has forced 7500 people to flee. -- blaze comes as as it tries to skirt u.s. sanctions that limit access to the global financial system. u.s. dollars and euro notes

the statement this week from the ministry of commerce in beijing is likely to have raised their spirits. of. course you don't go over the past 2 weeks the chief trade negotiators of the 2 sides had serious and constructive discussions on how to resolve their respective core issues and agreed to cancel the other tariffs in stages. for shelter i don't question. for their part the united states confirmed the statement the trade conflict has hit growth slowed investment and continues to weigh in the global economy the international monetary fund welcome signs of deescalation we welcome any steps to deescalate the trade tensions and to rule back recent trade measures which you just mentioned and particularly if they can provide a path towards a comprehensive and lasting agreement so this is the 1st step towards a co-operative future no sooner had hope broken out than doubts began to set in again insiders say there is already opposition building within the white house to removing the tariffs. market analyst franco berridge joins us from london now let's talk about bad communication to start w

the statement this week from the ministry of commerce in beijing is likely to have raised their spirits. or should i go over the past 2 weeks the chief trade negotiators of the 2 sides had serious and constructive discussions on how to resolve their respective core issues and agreed to cancel the other tariffs and stage.

lauren: i'm a little confused on this statement coming from the chinese ministry of commerce. king. they're working on phase one. that would be great. the market would rally if that happens. and furthermore, we'll see this simultaneous and mutual rollback of tariffs which if this is the case, david, how high do stocks go? >> huge, huge, could be very large, very large. but of course we climb a wall of worry in the stock market and so you mentioned earlier, should we be worried about this? well, worry is actually a good thing, as we slowly progress forward towards a deal. obviously the market could rally at least another 10, 15% from here. lauren: 10, 15% from here. >> from here. absolutely. lauren: what would you say to critics who say you know what, if we roll back these tariffs, we're not holding china's foot to the fire, it's just an it you maultimatum that they're giving and we're trading. >> i think we're progressing in the trade negotiations. we set a foundation that we're going to be talking about these things. to get a rollback from the chinese side would be huge. i got

context the recent huge market for recycling electronic waste for example the environment ministry of commerce wants to set up a recycling infrastructure in the country's largest city to talk with the toxic junk all reported went to the capital one day. garbage income iran's capital your own day including discarded electrical appliances some of the parts can be sold like the metal from a refrigerator condenser but poisonous gases whose escape during dismantling that's bad for the environment and for people's health their energy all slowly daddy to technology takes care of the proper disposal of this kind of west it's coming rooms only electronics recycling facility devices such as old morning to him had drives a picked up a collection point the recycler also collects all the devices directly from companies for a small fee to service a temple yeah lots of the services are paid for by the companies and it's sustainable for the informal was $12.00 action we have placed 40 square feet lach. in tain as in different neighborhood to collect west say someone in charge at this site is to see all the we

president xi can make that happen and i know him and i know he'd like to make it happen china's ministry of commerce also commented on the call between private vice premier and u.s. trade representative robert light hisor and treasury secretary steven nugent saying the 2 sides had reached a consensus on how to resolve some key issues and would continue to work in to come to terms on an eventual deal in hong kong the pan democrats scored big victories as they won nearly 90 percent of the 452 district council seats in elections held sunday the election had record turnout following 6 months of protests that rocked the island now while those who support the protests not stay when not everyone is on board china daily published an editorial monday stating the result of sunday's district council election marks a setback for hong kong's democratic development as the results were skewed by the illegal activities of the opposition camp to the benefit their candidates in the run up to sunday's voting members of the opposition camp particularly their young agitators engaged in an all out campaign to sabotage th

president xi can make that happen and i know him and i know he'd like to make it happen china's ministry of commerce also commented on the call between private news that vice premier and u.s. trade representative robert litan hisor and treasury secretary steven nugent saying the 2 sides had reached a consensus on how to resolve some key issues and would continue to work in to come to terms on an eventual deal in hong kong the pan democrats scored a.

president xi can make that happen and i know him and i know he'd like to make it happen china's ministry of commerce also commented on the call between president vice premier and u.s. trade representative robert litan hisor and treasury secretary steven nugent saying the 2 sides had reached a consensus on how to resolve some key issues and would continue to work in to come to terms on an eventual deal in hong kong the pan democrats scored big victories as they won nearly 90 percent of the 452 district council seats in elections held sunday the election had record turnout following 6 months of protests that rocked the island now while those who support the protests not stay when not everyone is on board china daily published an editorial monday stating the results of sunday's district council 'd election marks a setback for hong kong's democratic development as the results were skewed by the illegal activities of the opposition camp to the benefit their candidates in the run up to sunday's voting members of the opposition camp particularly their young agitator is engaged in an all out campaign to sab

china's ministry of commerce the country has achieved a consensus in principle with the united states there was a phone call between he chinese vice premiere and robert lighthizer and secretary treasury. and they are towards finalizing the phase one trade accord between the world's two largest economies. china has won the permission to impose $3.5 billion in sanctions against the united states. the damages awarded are the third largest in w.t.o. history. it pre-dates the current trade war between the two countries. did not meet a deadline to modify its antidumping regime and set back for the way america restriggets cheap china imports. erdogan held talks with united states secretary general. the discussions were likely to have been dominated by turkey's offensive in northeast syria. earl on this trip, he addressed a mediation conference. chicago teachers and students affected by an 11-day strike returned to classrooms this morning. it was chicago's longest walkout by teachers since 1987. attentative agreement that ended the walkout is expected to shape education for the next five year

save it from the ministry of commerce staying they're close to having stage one of the trade deal on paper. while the statement said talks have reached consensus on principles others discounted missing the chinese were continuing to negotiate through the media. and finally good news for the couch potatoes that year, on a friday afternoon, booktv plus lunch today for viewers even more streaming content. the stocks which is another reached another all-time high today. liz back to you. connect this: binge watching, great to see you jerry think is much. coming up impeachment hearings could be held in the month. tonight, we debate our voters staying it. how will the 2020 democrats senators campaign off of this. this is going to bump into the 2020 race and what might really be driving this and push for impeachment which began before trump even one. plus this. nancy pelosi adam schiff, claiming they take no joy and trying to impeach the president but critics argue really. story coming out. ♪ i'm leaving. i want to be a part of it, new york, new york ♪ ♪ the game doesn't end after that insan

let's look at what's driving the action trade concerns remain in focus china's ministry of commerce saidh countries are still holding in depth discussions new data showed the biggest rise in producer prices in six months and a mixed bag fo

maria: spokesperson for the chinese ministry of commerce says in the past 2 weeks lead negotiators have serious and constructive discussions on resolving issues of core concern, both sides agree to remove the additional tariffs imposed in phases as progress is made on the agreement, robert, do you think this is enough to get a signage going? >> i think any time we are moving towards a deal is a good thing, we have been up and down as steve said for a year and a half, there's been incredible market volatility, every time we get good news the market goes up, i totally agree with steve, i mean, we have seen contraction in business investment for the last 2 quarters, we can deal with good news or bad news of businesses but we can't do with uncertainty, we don't know how to budget for the next year, we don't know where to spend capital and resources and i think that we have seen incredible choppiness and it's time, you know, gdp has been slowing and, you know, we are expected 3 to 4%, we are now expecting 1 and a half to 2%, this would be a real pop for 2020. maria: i'm just wonderings if th

. ♪ >>> tlok the program, happy monday the ministry of commerce in beijing said that telephone talksween chinese and u.s. officials this weekend were, quote, constructive. they focussed on each side's concerns about a preliminary trade agreement. we all know that's a phase one deal the ministry said that u.s. treasury secretary steve mnuchin and robert lighthouser requested the conversation with their chinese counterparts and both parties agree to stay in close contact. reuters reported that the trump administration is expected to once more extend the ability of u.s. companies that do business with chinese telecom violent huawei they placed the tech company on an economic blacklist due to concerns over national security. our colleagues will join us live in the chinese studio. you spoke to huawei's chairman just a few hours ago how did he react to those reports? >> yeah. fascinating, willem. he was really down playing any potential impact from either the trade deal or an extension of licenses to u.s. companies selling technology to huawei the message largely seemed to be nancy, it's n

meanwhile the chinese ministry of commerce says the united states and china reached a consensus of principles on phase one after talks with the trade negotiators today. joining me, mellon director of market strategy liz young. >> thanks for having me. charles: what do you think of this market? it has been unloved, stealthy if you were casual observer of the market you would have believer we're at all-time highs. >> it hasn't felt that way. spikes and volatility will make it more painful than it really is. what is interesting about the market. we had the third fed cut. we had signal there would be a pause or wait a while, more data dependent. we still vent had escalation in trade. i wouldn't put too much weight in positivity about trade. it is still a conversation. we need something tangible. the lack of escalation, the market is removing overhanging risk. we haven't had any new risks come on. charles: that is interesting. makes the december 15th potential tariff hikes easy to pull back for the president. to add even greater spark to this rally? >> i think right now, what the market is expecti

according to china's ministry of commerce in a statement, china says both sides discussed resolving coreof common concern and reached consensus on how to resolve related problems ahead of a phase one trade agreement. in hong kong, chief executive carrie lam making her first weekly briefing since this past weekend's elections, appearing to offer no new concessions to protesters, despite the overwhelming pro-democracy electoral victory over the weekend there. >>> and fed chairman jay powell speaking yesterday evening in rhode island, signaling that interest rates are unlikely to rise any time soon and that the bank remains committed to its 2 porti2% inflation target >> monetary policy is now well positioned to support a strong labor market and return inflation decisively to our 2% inflation objective. at this point in this long expansion, i see the glass as much more than half full with the right policies, we can fill it even further, building on the gains so far and spreading the gains more broadly to all americans >> all right, for more on this, joining me now is chief investment officer

china ministry of commerce says heed negotiator for beijing and u.s.ke over pet phone and agreed to continue talks toward reaching faze one deal and treasury secretary and robert lighthizer discuss solving issues regarding each're core concerns and reach consensus on resolving related issues. let's get more from edward lawrence he's in washington edward good morning. >> good morning cheryl and lauren chinese state media saying two sides are close to phase one deal on paper. chinese shows more good faith of try towing get that deal on the the paper with the u.s. within the the last 36 hours the chinese announced more glints to protect property greater enforment of patent and copyright law and guidance trying to make it part of the social fabric. protecting property will now been one of the criteria for a evaluating employees and creating incentive to follow through and no that follow through is key for u.s. trade representative robert has been pushing for a change in laws to make sure protections stick. well china is now trying shough to show they can a

consultation arrangements from china's side, the call was notably conducted by hard liners from the ministry of commercenk, as well as from the reform commission we're also getting a statement from the u.s. side from the office of the u.s. trade representative who simply said that the call made progress in a variety of areas and that the two sides are in the process of resolving outstanding issues. so a little bit of a difference in language here the u.s. tr statement says discussions will continue at the deputy level and calls today's call constructive. kelly, the news we still don't have is where exactly that meeting between president trump and president xi will be held. as recently as yesterday, president trump said they are on track to sign this phase one deal. >> markets hangening on to near session highs here kayla, thanks very much. kayla tausche. dow's up 254 points. coming up, the race for 5g heating up with china's next gen networks launching ahead of schedule today can the u.s. catch up? plus, pinterest is on pace for its worst day ever on a revenue miss and a disappointing forecast are inves

the ministry of commerce spokesman in china saying that there have been serious discussions, and agreed to remove the tariffs in phases as progress is made on the agreement. what is the real conversation on the ground? enda: clearly this was a redline for china. they've been demanding that they wanted tariffs rolled back on goods. all indications are that both sides do seem to be heading for some common ground on this. we had the white house suggesting overnight they agree with the principle of rolling back tariffs. the big question is when they will agree that these tariffs should be rolled back or removed. we are not yet at the point where a final deal has been agreed, so we don't know the final details. it will be crucial to see where the two sides can meet in the middle and at which point they can roll back tariffs on each other's goods. that is a critical detail that needs to be ironed out. alix: thank you so much for joining us. we now want to head to brussels, where euro area finance ministers are meeting to discuss the banking union, economic outlook, and the ecb board. maria ta

let's look at what's driving the action trade concerns remain in focus china's ministry of commerce said both countries are still holding in depth discussions new data showed the biggest rise in producer prices in six months and a mixed bag for dow component earnings joining us for the hour is stephanie link great to have you here i think that's exactly where we should start we had earnings from walmart and cisco. cisco is the drag on the dow how would you characterize how it reflects back to the broader market >> last quarter the same thing happened where cisco disappointed and walmart posted a better than expected number. this is what this economy s-what this market is enterprise spend is weak on trade concerns and uncertainty and that's not getting better any time soon versus the consumer being very strong those numbers are very impressive 6.6% stack comp for walmart. it actually kratd. ecommerce sales 41%. estimates are going up for walmart and going down for cisco and i don't think there's a lot of visibility at cisco even if you listen to that conference call they were disappointin

a lot of that strength coming on the back of the chinese commerce ministry's comments around the statef u.s./china trade. providing a nice support for stocks we got more german corporate earnings coming through. we heard from siemens there. this has been a positive earning. shifting gears looking at the 4 x market. no policy decision expected. it will be interested to hear what he has to say as he nearly finishes his tenure. trading 0.1% higher. the euro also trading higher versus the dollar. clearly the dollar on a bit of the back foot. what does this all mean for wall street the gains will continue across the pond the s&p 500, the dow jones all indicating a higher open we also saw a strong reaction in the yuan the onshore and offshore both fell >> the state of california has revealed it is investigating facebook over privacy practices and accused the giant of stone walling and refusing to hand over information to assist in the investigation including e-mails from mark zuckerberg but shares hardly moved. the company says it is cooperating, quote, extensively. at the new york times con

yesterday i was like we have to be sure that we're telling everybody this is from the chinese ministry of commerceriffs are going away. >> we did say that a lot yesterday, in fairness to our coverage. we were saying this is particularly one-sided where the news flow is coming from. >> they are not you stupid. they know the white house is sensitive to th the market. if the market plunges because the expectations are not met, they probably win. maria: what does the market do on michael bloomberg's news. he might be the next th to taken president trump. he's expected to file paperwork today to qualify for the democratic presidential primary in alabama. the deadline is a 5:00 p.m. tonight. we will know if this is real. the news may come as a surprise to some people. if you've been watching "mornings with maria," you knew this first. watch who do you think is most poised to be a real threat to president trump? >> i got to tell you right now, and i said this last week, maria, i don't see anybody on that stage right now that can take president trump one on one. i think you've got to watch guys like bloom

treasury secretary steven menuchin reach consensus on principles according to reuters the commerce ministry of china said the 2 sides conducted serious and constructive discussions on properly addressing their core concerns.

treasury secretary steven menuchin reach consensus on principles according to reuters the commerce ministry of china said the 2 sides conducted serious and constructive discussions on properly addressing their core concerns while the u.s. trade representative said the 2 sides made progress in a variety of areas and are in the process of resolving outstanding issue this comes as president donald trump was expected to meet with his chinese counterpart xi jinping on the sidelines of the asia pacific economic cooperation summit in santiago chile to sign a phase one trade deal touted last month though that summit was canceled trump said both sides are still looking for a new location somewhere in the united states. rob this is 1st i want to get that. going to be pretty much what we got the deal out of we got the deal that we like the done very little stuff like that. people familiar with the matter say president xi jinping is open to a u.s. trip to sign the 1st phase of a trade deal how.

kong right now and turn to market we are poised for another record-breaking session and china ministry of commerce says u.n. china had constructive trade talkses over the weekend and what are you expecting? >> i'm loving the market right now and fantastic earnings say we're going to slow down and it doesn't happen and seeing benefits of domestic markets changes of trump put in place many, many, many months ago rrms on regulations that are now showing up in earnings that's what i think. tax reform hasn't had an impact yet so i'm excited about next yore and frankly if we just get this light trade deal just the financial services -- that boost the secker to that's been falling behind for two years now. that's why you're seeing financials moving i'm liking everything right now, and reason the market doesn't care about hong kong is the truth about that very few people are in that little rally. you know we get press shots or tight very closeups of riding student but there weren't that many of them. >> there was a big portion of the overall population in hong kong that came out from the beginning two mil

according to reuters the commerce ministry of china said the 2 sides conducted serious and constructive discussions on properly addressing their core concerns while the u.s. trade representative said the 2 sides made progress in a variety of areas and are in the process of resolving outstanding issue this comes as president donald trump was expected to meet with his chinese counterpart xi jinping on the sidelines of the asia pacific economic cooperation summit in santiago chile to sign a phase one trade deal touted last month though that summit was canceled trump said both sides are still looking for a new location somewhere in the united states. rob this 1st i want to get it. going to be pretty but. we get the feel that if we get the deal that will become very little. people familiar with the matter say president xi jinping is open to a u.s. trip to sign the 1st phase of a trade deal however no final decision has yet been made. at the last minute india has pulled out of the regional comprehensive partnership which could be the world's largest trade pact citing concerns that the deal co

beijing and reportedly agreed to cancel tariffs hikes if they agree to a 1st phase of a trade deal a chinese commerce ministry spokesman says in such an instance the 2 sides would scrap tariffs proportionately efforts to resolve a months long trade dispute have intensified in recent weeks. 2 of the original tech sector pioneers a lining up for a merger make a xerox has made an offer to take over a computer imprint to make a hewlett packard at h.p. confirm the companies have held talks about a potential tie up in the past both face difficulties as the demand for printed documents sitting have waned. has canceled hundreds of flights today and tomorrow after cabin crew launched a 2 day strike u.f.o. trade union is demanding higher pay along with better access to regular employment as the sort of workers the alliances the costs of the strike won't affect its annual profit target of 2 to 2400000000 euros. this week marks 30 years since the fall of the berlin wall it paved the way towards german reunification and shapes the economic fortunes of the nation many towns on both sides of the 1400 kilometer border betwee

biggest economies he announced rollback is fueling hopes of the trade wars eventual and the announcement came from beijing where the commerce ministry spokesman said china and the us would remove tariffs in stages know this at least hope of tangible progress to a wider deal. if the 2 sides reach a phase one agreement both sides should in accordance with the contents of the agreement revoke the tariffs already in effect in the same proportion and simultaneously this is an important condition for reaching an agreement. but a u.s. official confirmed the 2 countries have agreed to roll back tariffs as the 1st part of a comprehensive trade deal the agreement would end the trade feud that begun 15 months ago the united nations study says it's already cost china $35000000000.00 in the 1st half of this year alone and it hit us consumers when the tariffs drove up the prices for many chinese goods like toys clothes and shoes. joins us now from new york yes now this initial agreement is being referred to as a phase one is it clear what it covers and what's yet to come. well it's pretty likely what this deal will include some people call it pha

reportedly agreed to cancel tariff hikes on each other if they agree to a 1st phase of a trade agreement a chinese commerce ministry spokesman said that in such an instance the 2 sides would scrap tariffs proportionately efforts to resolve the months long trade dispute have intensified in recent weeks. while a quick solution to the us china trade war would certainly be welcome news in the heartland of america the midwest where farmers have been voicing their frustration . thousands of kilometers away from the farms of iowa u.s. and chinese trade negotiators are working to complete the 1st phase of a trade deal this could defuse the ongoing trade dispute between the world's 2 biggest economies not before time farmers here say it's all a forest areas gone this long i think we're getting a little closer to a deal there's been some news recently that says a china is coming closer to making a deal they want to take off from tariffs and still going on and then they'll be a little more willing to make that final commitment china is the biggest buyer of u.s. agricultural products such as soybeans grain sorghum and cotton w

of the trade wars eventually and. the announcement came from beijing where a commerce ministry spokesman said china and the u.s. would remove tariffs in stages there has been no reaction from washington but hope has been growing for signs of tendril progress to a wider deal. if the 2 sides reach a phase one agreement both sides should in accordance with the contents of the agreement revoke the tariffs already in effect in the same proportion and simultaneously this is an important condition for reaching an agreement. china and the u.s. have been fighting a crippling trade war for over a year now installing punitive tariffs on hundreds of millions of dollars of goods . joins us now from new york now this initial agreement is being referred to as a phase one is it clear what it covers and what's yet to come. well it's pretty likely what this deal will include some people call it phase one other people call it the mini deal because a lot of subjects will not be touched in this phase one for example the protection of intellectual property or governmental support of chinese companies that basically about more exports

reporter: china says the two sides hav agreed in principle to roll back some of the existing tariffs in phases. the commerce ministryd the negotiators have been discussing this the past two weeks. and the ministry said that for a phase one agreement to bed reacome of the additional tariffs have to go. beijing wants the tariffs lifted at the same time by the same amount. how much could be negotiated. and a spokesperson said the time and place of a deal signing has yets to be decided. and after the remar the state media has been laser focused on the point that if tariffs are not removed there is no deal. at's been one of beijing's kor demands. the papers also efrpzed that tariffs need to be lifted simultaneously and indication to the chinese that china and the u.s. are considered equals. perhaps the way to make it easier for the trump administration to meet beijing demands chinese autjarities ed ne people today, including one with a suspended death sentence for smuggling opioid fentanyl into the united stat. china's narcotic kmipgs worked with u.s. law enforcement in what beijing says is the first such collaboration.

enda: it is a conditional claim of progress by china's commerce ministry that the u.s. is granting some concessions on one of their key redlines for china, which is that tariffs should be rolled back when any deal is agreed. the commerce ministry in beijing is talking about rolling back tariffs in proportion simultaneously. all of this depends on whether or not an agreement actually is reached and signed. don't have the final details on any agreement yet. the question will also be how the u.s. response to this. will they interpret china's commentary is an attempt to front run any negotiating process, or is this a broad tract that both sides are on? agreementon't have an publicly for any venue for signing a trade agreement. progress appears to be being , but in terms of the details and the timing of when any agreement would be signed, remains unclear as of now. alix: thank you very much for joining us. next we want to go to frankfurt, where commerzbank downgraded its full-year profit outlook. bloomberg spoke exclusively to determine lenders's cfo under efforts to ease the

take a look at the reports or the statements coming out of the chinese foreign ministry, the chinese commerceance ministry. they are all positive comments. now, the deal on phase one is not yet completed, okay. however, having said that, the agriculture chapter is virtually completed and by the way, it's not just buying another $40 billion or $50 billion of farm ags although that's very important. it also will open up and reduce a lot of barriers and onerous regulations that will allow american farmers who are the most productive in the world to export to china. that's point number one. point number two, the financial services chapter where companies will be able to get to 100% ownership, insurance, security firms, investment banks, commercial banks, that chapter is virtually wrapped up. the currency stability and manipulation chapter is virtually wrapped up. enormous progress has been made on the intellectual property theft issue. that one's not completed but there's lots of progress. forced transfer of technology, there has been some progress but that will probably slip into phase two. here

of the u.s. failing to abide by antidumping rules. it does not appear to have an effect on the wider trade discussion. china's commerce ministrydded a statement of its own saying the countries have quote "reached consensus on principle." if you're wondering where a china trade deal might be signed since chile has pulled out, they're actually thinking about iowa as a possibility since the agreement would have such an impact on farmers. bret. >> bret: and, of course, the iowa caucuses. connell, thank you so much. as we have been reporting, the united auto workers have agreed to deals with general motors and now ford but there are internal problems with the union. the president of the missouri u.a. w. council has been charged with embezzlement and fraud. six other leaders are named if the filing. senior correspondent mike tobin looks at the alleged scheme from chicago. >> mike: the federal investigation that sparked a raid on the home of united auto workers president gary jones last august continues to generate criminal charges and continues to move closer to jones himself. a criminal complaint filed thursday in federal court cha

a phone call with chinese vice premier yesterday according to chinese commerce ministry, the two sides discussed further details of1 trade deal reportedly agree today maintain communication, i'm going point out here that again this is coming from the chinese commerce ministry and i have to be skeptical of anything coming out of china in terms of what this deal is because over and over again the chinese commerce ministry has reported in the south china morning post that the president is willing to forego those tariffs on december 15th, i'm not buying until we actually see real concessions on the part of chinese, having said, they had a -- >> both sides are playing the game of expectations or putting pressure on the other side and they've read trump's books on negotiation so they are playing the game too, that's why i'm happy for the good news but i was happier a week ago when things weren't going so well, a sign that they turned things around. >> last month or so, feels like there's more communication, i get your point, maria, some of the details are devilish, maybe a little more tit for tat going on. dagen: nobody

to cancel some of the tariffs imposed during our month long trade war the chinese commerce ministry announced some progress in these trade negotiations. which you don't grow in the past 2 weeks the leaders of the 2 sides have conducted serious and constructive discussions properly addressed in their core concerns and agreed to a strange cancellation of tariff increases depending on the progress of negotiations for the how much was cancelled in the 1st day it can be decided based on the content of the 1st 3 minutes. and both sides have imposed billions of dollars worth of punitive tariffs on each other's exports and china has been resistant on rolling those duties back as part of any agreement earlier this week u.s. commerce secretary will said phase one of that deal would only cover some general trade specifics such as increased sales of agricultural products to china bonney yields move higher and europe's share markets hit a more than 4 year high after beijing signaled that a phase one deal is indeed close a source familiar with the matter told reuters chinese negotiators want the u.s. to dr

of a trade deal that is being truces and ceasefires in this dispute this development could represent the 1st time tariffs are actually rolled back. the announcement came from beijing where a commerce ministry spokesman said china and the u.s. would remove tariffs in stages there has been no reaction from washington but hope has been growing for signs of tension will progress to a wider deal. if the 2 sides reach a phase one agreement both sides should in accordance with the contents of the agreement revoke the terrace already in effect in the same proportion and simultaneously this is an important condition for reaching an agreement. china and the u.s. have been fighting a crippling trade war for over a year now installing punitive terrorist on hundreds of millions of dollars of goods.