America and China 'close to agreeing deal that ends trade war'

Trump and Xi are close to a new US and China trade deal report

Trump and Xi are close to a new US and China trade deal report

In exchange for Chinese concessions, the United States would lift most of the trade sanctions it imposed a year ago, the report said.

"If the deal involves that President Xi agrees to purchase much of American commodities, and agreed to lowers certain tariffs", according to the Cato Institute's Director of Trade Policy Studies Daniel Ikenson, "there could be more progress, but if they just agreed to purchase these products and not address these major issues, I don't see the very large deal".

Last week, U.S. Trade Representative Robert Lighthizer said the provisions involving protecting intellectual property total almost 30 pages out of a working document of more than 100 pages.

Trump last week postponed increasing the tariffs on $200 billion in Chinese goods from 10 percent to 25 percent because of the "substantial progress" of the talks between the two countries.

The talks have however progressed to the extent that a formal agreement could be reached at a summit between President Trump and Chinese President Xi Jinping, probably around March 27, after Mr. Xi finishes a trip to Italy and France, individuals with knowledge of the plans said.

"Using the old thinking of the Cold War to deal with new problems in the context of globalisation definitely won't get you anywhere".

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Beijing would also step up purchases of US goods-a tactic created to appeal to President Trump, who campaigned on closing the bilateral trade deficit with China.

In Beijing, Zhang Yesui, spokesman for China's parliament, said that China and countries around the world welcomed "substantive progress" in the trade talks.

"I'm never afraid to walk from a deal, and I would do that with China , too, if it didn't work out", the president said.

"Our base case is that an agreement would leave some United States tariffs in place, potentially lifting them in stages as various commitments under the agreement have been met". Among the biggest losses for American farmers: oilseeds and grains exports, which are top agricultural products that Iowa farmers send to China.

The Wall Street Journal reported Sunday that the two sides are in the final stages of negotiating a deal that would involve the lowering of Chinese tariffs on a range of U.S. goods if the Trump administration removes broad sanctions against Beijing.

A representative for the White House said they had no comment on the ongoing negotiations.

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