China and the United States of America Agreement on rolling back Tariffs in Phases.

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China and the United States of America Agreement on rolling back Tariffs in Phases.
In their latest attempts to defuse their numerous trade tensions that have hurt economies all over the world for months, China and the United States have agreed to roll back tariffs on each other's good in phases. According to the Beijing Times, in a meeting that took place on the 7th of November, 2019, Gao Feng, the spokesman of China's Ministry of Commerce, said that the agreement is part of the first phase of a trade deal between the two nations (Liang 1). Members from both sides commented on the signing of the agreement, saying that President Donald Trump and President Xi Jinping have done a good thing. This is because the feud that had lasted for more than a year between the two world's largest economies had negatively affected the progress of other developed and developing countries that are always in constant business with China and the United States.
The two countries have been in a constant trade war for nearly two years over the exact amount that needs to be paid for a precise number of goods to be traded. The spokesman said that China and the United States have failed to agree and come to a common ground on the issue of trade tariffs. Moreover, although he did not mention the precise amount of duties to be rolled back, Mr. Gao said that the practice would be effective only if the same proportion is cut simultaneously (Liang 1). That is the most critical condition that will prove the achievement of the first phase of the trade, and one which both countries agreed upon. Secondly, the United States official spokesperson said that the amount of tariff relief in phase one should depend on the content of the agreement. As a response, the spokesman of China commented that the first reliable sign in a long period is not only a partial deal between two world superpowers but also an indication of the termination of punitive tariffs that have slowed economic growth for a significant time.
The results of the agreement have since been manifested, primarily in the Hang Seng Index of Hong Kong, where the Dow Jones Industrial Average, the S&P 500 and Nasdaq have all jumped up the rank by 0.6% (Rasmus 351). Nevertheless, whereas the United States has not yet fully complied with the agreement, China states that its full affection will be facilitated by President Donald Trump's removal of his imposed tariffs. The tariffs are termed to cost China a total of $550 billion worth of goods, with the majority being exported to the U.S. A considerable number of experts have had their reviews on the agreement stating that the announcement on rolling back existing tariffs was a positive development. However, the professionals cautioned against over-exuberance, considering the repeated rehearsals in the trade war that lasted for over one and a half years. One of the experts, in particular, Tommy Xie, the head of the Greater China Research at OCBC Bank, said that Donald Trump's love of tariffs would not only prolong the first phase of the negotiation but also call for additional elements of duties between the two countries (Liang 1).
The tariff cuts will be beneficial...