Chinese, US negotiators fine-tuning details of trade agreement: report

U.S. and Chinese negotiators are working to hammer out the fine print of a trade agreement that would put an end to the trade war between the top two global economies.

Bloomberg News reported that meetings continued Friday in Beijing between U.S. Trade Representative Robert LighthizerRobert (Bob) Emmet LighthizerChinese, US negotiators fine-tuning details of trade agreement: report The Trump economy keeps roaring ahead Trump says no discussion of extending deadline in Chinese trade talks MORE, Treasury Secretary Steven MnuchinSteven Terner MnuchinDems plot next move in Trump tax-return battle On The Money: House Dem says marijuana banking bill will get vote in spring | Buttigieg joins striking Stop & Shop workers | US home construction slips in March | Uber gets B investment for self-driving cars Former Sears holding company sues ex-CEO, Mnuchin and others over 'asset stripping' MORE, and their Chinese counterparts as the two sides address issues such as the alleged theft of U.S. technologies and other trade practices the U.S. has deemed unfair.

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“This is not time-dependent,” White House economic adviser Larry Kudlow said in a speech Thursday, according to Bloomberg. “This is policy- and enforcement-dependent.”

The two sides are "close" to reaching a deal but still have some issues to work out, Kudlow added. He went on to predict that the U.S. would not drop all tariffs against China even if a deal was reached.

“We’re not going to give up our leverage,” Kudlow said, according to Bloomberg. “It doesn’t necessarily mean that all of the tariffs would be kept in place. Some of the tariffs would be kept there. Again, when Bob LighthizerRobert (Bob) Emmet LighthizerChinese, US negotiators fine-tuning details of trade agreement: report The Trump economy keeps roaring ahead Trump says no discussion of extending deadline in Chinese trade talks MORE comes back, he will illuminate all of us on that. That’s part of the negotiations and we’ll see."

Partly at issue, Bloomberg reported, is the wording of some parts of the deal that U.S. officials have said represents a step back from pledges made by Chinese negotiators in vocal discussions, while the exact meaning of the words is understood differently by the two sides.

President TrumpDonald John TrumpRussia's election interference is a problem for the GOP Pence to pitch trade deal during trip to Michigan: report Iran oil minister: US made 'bad mistake' in ending sanctions waivers MORE said last week during an interview with the Fox Business Network that negotiators were "very close" to reaching an agreement.

“I think a lot of people are waiting for the deal with China. I think that’s going to have a very big impact,” Trump told host Maria Bartiromo.

“As to whether or not it makes it, I think it will. I think we’re getting very close," he added. "That doesn’t mean we get there, but I think we’re getting very close.”