China welcomes preliminary deal in trade war it blames on US.
Catch up on the developing stories making headlines.BEIJING -- China put a positive face Saturday on a first-step trade agreement that dials down a trade war it blames the U.S. for starting.
“It at least stabilizes the situation and lays a foundation for the next round of trade talks or canceling additional tariffs in the future," said Tu Xinquan, a professor at the University of International Business and Economics in Beijing. “I cannot predict what achievement can be made during the future talks."
At a late night news conference, timed to coincide with the U.S. morning, the officials said the United States would begin phasing out tariffs on Chinese imports, rather than continue to raise them. The deal was announced just two days before higher tariffs were set to kick in. China will make similar tariff cuts, the officials said, but they gave no details.
The Global Times, a state-owned newspaper known for its nationalistic views, called the agreement a new beginning. It pointed togains in recent days as word of a possible deal leaked. The dispute between the world's two largest economies had rattled markets and depressed global growth.
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