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BEIJING, Feb. 15-- Beijing and Washington rolled back some extra tariffs on imports from each other on Friday, in line with the China-U.S. phase-one economic and trade agreement signed last month in a joint bid to de-escalate tension. Nearly two years after the United States unilaterally initiated the row, the world's top two economies are finally taking the first substantial step to end the vicious cycle of tit-for-tat tariffs and move back onto the right track. The hard-won progress brings welcome relief to the whole world, which has been jittering amid mounting uncertainty. It also presents strong proof that China and the United States, despite their differences, are capable of addressing their problems based on the principles of equality and mutual respect. No one wins in a trade war; it is just a matter of who loses more or less. Over the past 18 months, it has been U.S. businesses, farmers and consumers who have been bearing the brunt of Washington's tariff tantrum. Data from the U.S. Commerce Department shows that U.S. consumers and businesses paid an additional 42 billion U.S. dollars from February 2018 through October 2019 as a result of the trade disputes. Moreover, in the first seven months of 2019, U.S. goods exports to China declined 18.2 percent, while imports were down 12.3 percent. The very reason that two-way trade surged by roughly 252 times from 2.5 billion dollars in 1979 to 633.5 billion dollars in 2018 is that it is astronomically beneficial to both sides. A report published by the Brookings Institution in February 2018 noted that "U.S. exports to China support around 1.8 million jobs in sectors such as services, agriculture, and capital goods." | 
