China suspends tariff hike on select US goods, expects ‘mutual respect & equality’ in future trade talks

China has suspended a new tariff hike on US goods ranging from corn and wheat to vehicles and auto parts, which was due to go into effect this weekend.

The tariffs that had already been been implemented on US goods would however be left in place, until the next stages of negotiations.

“China hopes, on the basis of equality and mutual respect, to work with the United States, to properly resolve each other's core concerns and promote the stable development of US-China economic and trade relations,” the State Council's customs tariff commission said in a brief statement on December 15.

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Under the so-called ‘Phase One’ deal, China agreed to slowly increase – by at least $200 billion  over two years – the imports of US farm produce such as wheat, corn, and other agricultural products, while making sure not create “shocks” to Chinese agriculture.

While American markets have been rallying to record highs and Trump declared negotiations for phase two of the trade deal will begin “immediately,” Chinese authorities cautioned that will depend on how phase one is implemented.

This article was originally published on Oilprice.com