US, China close to trade deal: reports

US, China close to trade deal: reports
© Getty Images

The U.S. and China are reportedly close to a trade deal that would lift U.S. tariffs on Chinese goods in exchange for Beijing making several economic pledges. 

Reuters, citing a source briefed on negotiations, reported Sunday evening that the U.S. would lift sanctions on at least $200 billion worth of Chinese goods under the deal, while China would lift retaliatory tariffs against the U.S. and make pledges for economic reform.

ADVERTISEMENT

The source told Reuters that China had reserved a 10-day window around March 20 for a possible summit with the U.S. to announce a trade deal. President TrumpDonald John TrumpGOP congressman slams Trump over report that U.S. bombed former anti-ISIS coalition headquarters US to restore 'targeted assistance' to Central American countries after migration deal Trump says lawmakers should censure Schiff MORE has previously hinted at such a summit, saying last month that it would occur in March and be held at his Mar-a-Lago resort in Florida.

The Wall Street Journal reported that the summit could be held around March 27.

China and the U.S. exchanged tit-for-tat tariffs throughout 2018 but have been engaged in trade talks throughout this year, most recently when Chinese negotiators visited the U.S. for several days last month.

According to Bloomberg News, one of the final sticking points in the negotiations is how soon U.S. tariffs on Chinese goods would be lifted. The U.S. hopes to eliminate the tariffs over the time, rather than immediately, in an effort to pressure China not to pull out of the trade deal, Bloomberg News reported.

Reports of a possible deal come after Trump announced that he was delaying an increase in tariffs on Chinese imports that were previously scheduled to go into effect March 1, citing "substantial progress" in trade negotiations with China.

On Friday, Trump wrote on Twitter that he had asked Chinese President Xi Jinping to "immediately" lift tariffs on U.S. agricultural products.

As part of the trade agreement, China would lower tariffs on agricultural products and other U.S. goods, according to The Wall Street Journal.