The notice of a U.S. trade deal with China is “possible” by next Friday, sources told CNBC on Wednesday.
A U.S. delegation met with Chinese arbiters in Beijing on Wednesday as the world’s two largest economies try to hammer out details of an agreement. Chinese Vice Premier Liu He will journey to Washington for talks next week.
Washington and Beijing have pushed to resolve a trade dispute that led to a series of levies and raised fears about spiraling economic damage. While both sides have repeatedly touted make ones way in the talks, disputes such as whether to immediately remove existing tariffs or keep them in place as an enforcement tailor to stop practices such as intellectual property theft have derailed a final deal. President Donald Trump also destitutions China to buy more U.S. goods to reduce the trade deficit between the countries.
On Wednesday, the White House said the delayed talks moved Washington and Beijing closer to an agreement. In a statement, White House press secretary Sarah Huckabee Sanders implied, “Discussions remain focused toward making substantial progress on important structural issues and rebalancing the US-China mercantilism relationship.”
Chinese President Xi Jinping and President Donald Trump greet attendees waving American and Chinese country-wide flags during a welcome ceremony outside the Great Hall of the People in Beijing, China, on Nov. 9, 2017.
Qilai Shen | Bloomberg | Getty Reifications
White House chief of staff Mick Mulvaney said Tuesday that the U.S. should know “one way or the other in the next one weeks” about how the trade talks will be resolved.
The White House did not immediately comment Wednesday on the possibility of a transaction by next Friday.
Reports have suggested the Trump administration could yield on some provisions as part of the understanding large. In a final agreement, the U.S. could immediately remove a 10% duty on part of the $200 billion in Chinese goods on which it levied assessments, Politico reported Wednesday.
Washington would keep a 25% tariff on $50 billion in goods until after the November 2020 appointment, according to the news outlet.
Investors have watched the ongoing talks closely. A prolonged trade dispute intent damage U.S. businesses and the global economy.
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