Gao's comments lifted stocks and market futures in Asia and the United States amid a general sense of optimism that tensions are ratcheting down.
"If the two parties reach the first phase agreement, they should cancel the tariffs according to the content of the agreement and the ratio".
The interim trade pact is widely expected to include a US pledge to scrap tariffs scheduled for December 15 on about $156 billion worth of Chinese imports, including cell phones, laptop computers and toys.
"Until we get more clarity on the venue and USA position on China's tariff request, look for Emerging Asian currencies and the Australian dollar to give back some of the gains chalked in October", they said. -China trade war, though experts warn that a final deal isn't over the finish line. The Financial Times reported that the White House may remove tariffs on consumer appliances, while Reuters and Bloomberg separately said that the usa was considering rolling back $360 billion worth of tariffs.
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"China has been clear and consistent in its stance toward tariff issues", Gao said.
China's commerce ministry also said both sides must simultaneously cancel some existing tariffs on each other's goods to reach a "phase one" trade deal.
A softening in the two-year tariff war that has pitched the U.S. president against his Chinese counterpart also eased demand for safe haven assets, including gold. The dollar slid and the three-day global stock market rally paused as US productivity data disappointed and investors turned a bit cautious about U.S.
While no specifics have been released, the statement gives hope to investors and companies reliant on trade with China after concerns over China's push against tariffs had many fearing talks would be shut down as a result.
The International Monetary Fund estimates that the US-China trade war will shave nearly a percentage point off of global growth this year.
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Trump stated China agreed to purchase as much as $50 billion of American farm items.
Information reviews stated Beijing needs 15% tariffs imposed in September on $125 billion of Chinese language imports eliminated earlier than it would make a proper dedication.
-China trade war, China has increased soybean imports from Brazil after it imposed tariffs on American soybean products.
A spokesman for its Commerce Ministry said the two sides had agreed to cancel the tariffs "in stages" as the agreement develops.
Those issues include USA claims that China forces American companies to share intellectual property as a condition for doing business in the country, as well as allegations of Chinese industrial espionage.
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Mr Ross did not directly say if rolling back tariffs was a possibility in the first phase talks.