China says holding 'in-depth' talks with US on phase one of trade deal

The degree of tariff cancellation should fully reflect the importance of a 'phase one' agreement, China said

China and the United States are holding "in-depth" discussions on a first phase trade agreement, and cancelling tariffs is an important condition to reaching a deal, the Chinese commerce ministry said on Thursday.

The degree of tariff cancellation should fully reflect the importance of a 'phase one' agreement, ministry spokesman Gao Feng told a regular briefing.

"China has emphasised many times that the trade war began with additional tariffs and should end with the cancellation of additional tariffs," said Gao.

On Tuesday, U.S. President Donald Trump said a trade deal with China was "close" but offered no details and warned that he would