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Agreement Could Roll Back Tariffs
China and the US have come to an agreement to roll back the tariffs on the other country’s goods, as they work toward a deal beneficial to both countries, according to Ministry of Commerce spokesman Gao Feng.
If the US confirms this action, it could most certainly lead to a deal to de-escalate the tension that the trade war has on the world economy. China’s greatest demand is to begin negotiations to remove the tariffs imposed by President Trump, which by this point are on the majority of imports to the US.
In light of the optimism, Hong Kong’s Seng Index climbed .6 percent, European and US stock futures jumped, and the yuan strengthened. Both sides continue to negotiate over when and where “Phase One” of the deal would be signed. According to a person familiar with the matter, both Iowa and Alaska have been ruled out, and locations in Asia and Europe are now being considered.
China Does its Part to Stop Fentanyl Smuggling
China has sentenced three Chinese Nationals to maximum punishments for smuggling the deadly drug fentanyl into the US, one of the most high-profile moves made by Beijing against the flow of opioids that President Trump has made a central objective in the broader trade talks between China and the US.
One individual was sentenced to death with a two year reprieve, while his two accomplices both received life sentences, according to Chinese officials at a press conference on Thursday. A “reprieved life sentence” gives the possibility of being mitigated down to a life sentence should that individual show good behavior in the allotted time period.
An additional six people involved in the smuggling right were sentenced to jail time anywhere from six months to two years. These are the first convictions we’ve seen from China’s joint investigation with US law enforcement into smuggling the dangerous and addictive painkiller that has taken the lives of so many in the US.
China is doing its part to appease the fentanyl issue, but still insists to the US that it is not the main source of the illicit fentanyl flow.