US, China said to be close to deal to roll back tariffs, Latest World News - The New Paper

US, China said to be close to deal to roll back tariffs

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WASHINGTON: The US and China appear close to a deal that would roll back US tariffs on at least US$200 billion (S$270b) worth of Chinese goods, as Beijing makes pledges on structural economic changes and eliminates retaliatory tariffs on US goods, a source briefed on negotiations said on Sunday.

US President Donald Trump and Chinese President Xi Jinping could seal a formal trade deal at a summit around March 27 given progress in talks between the two countries, the Wall Street Journal reported on Sunday.

In an eight-month trade war, the US has imposed punitive tariffs on US$250 billion worth of imports from China, while Beijing has hit back with tariffs on US$110 billion worth of US goods, including soybeans and other commodities.


The actions have roiled financial markets, disrupted manufacturing supply chains and reduced US farm exports.

Trump administration officials have said they expect the two presidents to "close" a deal at a summit in coming weeks at Mr Trump's Mar-a-Lago estate in Florida.

The source briefed on the talks said that no dates for a summit had been determined, but that Beijing had reserved a 10-day window from around March 20 for a possible summit.

Many details still needed to be worked out, including the terms of an enforcement mechanism to ensure that Beijing follows through on pledges to make changes to policies to better protect US intellectual property, end forced technology transfers and curb industrial subsidies.

Another source familiar with the talks said that Washington and Beijing were close to agreement on non-enforcement issues. - REUTERS