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| Version 1 | Version 2 |
|---|---|
| China 'ends illegal tax breaks' | China 'ends illegal tax breaks' |
| (about 1 hour later) | |
| China has agreed to end tax breaks for local manufacturers, which the US said gave them an unfair advantage over rivals, US trade officials have said. | China has agreed to end tax breaks for local manufacturers, which the US said gave them an unfair advantage over rivals, US trade officials have said. |
| Under the deal, China will remove the subsidies, which the US called "market distorting" by the end of the year. | Under the deal, China will remove the subsidies, which the US called "market distorting" by the end of the year. |
| The move is a major breakthrough for US-China trade relations, which have been strained recently, analysts said. | The move is a major breakthrough for US-China trade relations, which have been strained recently, analysts said. |
| It ends a spat that began when the US took the matter to the World Trade Organization (WTO) in February. | It ends a spat that began when the US took the matter to the World Trade Organization (WTO) in February. |
| US trade representative Susan Schwab said that China had agreed to remove the subsidies granted to Chinese exporters that encouraged them to sell products abroad more than they would otherwise. | |
| The deal also would remove tax-breaks given to Chinese companies that used locally-made goods instead of imported ones. | The deal also would remove tax-breaks given to Chinese companies that used locally-made goods instead of imported ones. |
| "This outcome represents a victory for US manufacturers and their workers," said Ms Schwab. | "This outcome represents a victory for US manufacturers and their workers," said Ms Schwab. |
| "The agreement also demonstrates that two great trading nations can work together to settle disputes to their mutual benefit." | "The agreement also demonstrates that two great trading nations can work together to settle disputes to their mutual benefit." |