U.S. and China to ease tariffs

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The United States and China have agreed to lift some of the tariffs they imposed on each other’s goods. Chinese Commerce Ministry spokesman Gao Feng on Thursday said the “phased cancellation” will continue if talks on a trade deal progress. The size of the cuts will depend on the agreement reached, he said.

How close is a trade deal? The sides are still working out the details of a “Phase 1” deal announced on Oct. 12. The rolled-back tariffs could deescalate the trade war between the top economies. Stock indexes rose in both the United States and Hong Kong early on Thursday after the announcement.

Dig deeper: Read June Cheng’s report on how the trade war affects the Chinese economy.

Onize Oduah

Onize is WORLD’s Africa reporter and deputy global desk chief. She is a World Journalism Institute graduate and earned a journalism degree from Minnesota State University–Moorhead. Onize resides in Abuja, Nigeria.

@onize_ohiks