US Secretary of the Treasury Steven Mnuchin has announced that the upcoming "Phase Two" of the US-China trade deal is going to lead to the tariffs on goods purchased from China being eased, CNBC reports.
"Just as in this deal there were certain rollbacks, in ‘Phase Two’ there will be additional rollbacks", he stold the media outletl. "It’s really just a question of — and we’ve said before — Phase Two may be 2A, 2B, 2C. We’ll see."
This development comes as US Donald Trump and Chinese Vice-Premier Liu He are poised to sign the so called "Phase One" trade deal which may mark a truce in the ongoing economic confrontation between the United States and China.
"The first step is really focusing on enforcement, but this gives China a big incentive to get back to the table and agree to the additional issues that are still unresolved," Mnuchin remarked.
The trade war between the US and China broke out early in 2018, with several rounds of tit-for-tat tariffs effectively leading the two countries into a full-blown economic confrontation.