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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 LighthizerWhiskey, workers and friends caught in the trade dispute crossfire GOP senator warns quick vote on new NAFTA would be 'huge mistake' Pelosi casts doubt on USMCA deal in 2019 MORE, Treasury Secretary Steven MnuchinSteven Terner MnuchinOn The Money: Democrats accuse Mnuchin of sabotaging economy in dispute with Fed | Trump administration proposal takes aim at bank pledges to avoid fossil fuel financing | JPMorgan: Economy will shrink in first quarter due to COVID-19 spike Democrats accuse Mnuchin of sabotaging economy in dispute with Fed The Hill's Morning Report - Presented by the UAE Embassy in Washington, DC - Pence, Biden wage tug of war over pandemic plans 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 LighthizerWhiskey, workers and friends caught in the trade dispute crossfire GOP senator warns quick vote on new NAFTA would be 'huge mistake' Pelosi casts doubt on USMCA deal in 2019 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 TrumpBiden to nominate Linda Thomas-Greenfield for UN ambassador: reports Scranton dedicates 'Joe Biden Way' to honor president-elect Kasich: Republicans 'either in complete lockstep' or 'afraid' of Trump 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.”