China welcomes preliminary deal in trade war it blames on US

 China put a positive face Saturday on a first-step tre agreement that dials down a tre war it blames U.S. for starting.

Chinese experts and news media joined government officials in saying deal would reduce uncertainty for companies, at least in short term. But y remained cautious, saying both sides will have to show a willingness to compromise to resolve more fundamental differences between m.

“It at least stabilizes situation and lays a foundation for next round of tre talks or canceling ditional tariffs in future,” said Tu Xinquan, a professor at University of International Business and Ecomics in Beijing. “I cant predict what achievement can be me during future talks.”

two countries anunced a “Phase 1” agreement Friday under which both sides will reduce tariffs and China will buy more U.S. farm products. Chinese officials said nine-chapter text, which includes intellectual property, techlogy transfer, financial services and dispute settlement, has to undergo legal and translation review before it can be signed.

At a late night news conference, timed to coincide with U.S. morning, officials said United States would begin phasing out tariffs on Chinese imports, rar than continue to raise m. deal was anunced just two days before higher tariffs were set to kick in. China will make similar tariff cuts, officials said, but y gave details.

China portrayed agreement as in line with opening up of its ecomy and deepening of its ecomic reforms. Increased imports of high-quality products from United States and elsewhere will “meet growing needs of people for a better life,” Wang Shouwen, a deputy commerce minister and tre negotiator, said in a statement.

Global Times, a state-owned newspaper kwn for its nationalistic views, called agreement a new beginning. It pointed to stock market gains in recent days as word of a possible deal leaked. dispute between world’s two largest ecomies h rattled markets and depressed global growth.

“China and U.S. have been locked in a tre war for about 20 months and neir side could overwhelm or to recklessly impose its own will on or,” newspaper said.

It ded, though, that both countries are capable of prolonging tre war, and that y must be willing to compromise if y want to resolve ir differences through patient negotiations.

“Rome was t built in a day,” it wrote.