At a regular press conference held by the Ministry of Commerce on November 7, the spokesperson Gao Feng said that if China and the United States reach the first stage agreement, they should cancel the tariff increase at the same rate according to the content of the agreement, which is an important condition for reaching the agreement. The number of phase I cancellations can be determined according to the contents of the phase I agreement.
The United Nations Conference on Trade and Development released research data on the impact of tariffs on China US trade. 75% of China's exports to the United States remained stable, reflecting the market competitiveness of Chinese enterprises. The average price of export products affected by tariffs dropped by 8%, offsetting part of the impact of tariffs. American consumers and importers bear most of the cost of tariffs.