Published: Wed, March 06, 2019
Worldwide | By Angelina Lucas

China closing in on deal that may end most United States tariffs

China closing in on deal that may end most United States tariffs

The U.S. has threatened to place tariffs of 25 percent on $200 billion of Chinese imports if no deal is reached.

But Lighthizer and his team are more focused on China making structural changes to its intellectual property practices and policies that require US companies to transfer their technology to Chinese entities as a condition of doing business in the country.

His comments follow a Wall Street journal reports suggesting Presidents Trump and Xi could meet later this month to finalize a deal. "We nevertheless expect some U.S. tariffs to remain in place into 2020", the investment bank said.

They also found the initial cost of Trump's duties to the USA economy was in the billions and being borne largely by American consumers.

Official trade data due to be released on Wednesday also are expected to show the USA trade deficit in goods with the world hitting a new record in 2018 because of the combination of a surge in imports to get ahead of the new tariffs previous year and slowing exports.

US officials said past year the Trump administration was considering sanctions targeting companies and officials linked to China's crackdown on minority Muslims, including Xinjiang Party Secretary Chen Quanguo, a member of the Chinese leadership's powerful politburo.

Benchmarks in Shanghai, Tokyo and Sydney advanced after Bloomberg News and The Wall Street Journal, citing unidentified sources, said China was offering to ease tariffs and other restrictions on US farm, chemical, auto and other products.

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On Sunday, March 3, The New York Times reported that the Trump administration and China are nearing a deal to "roll back tariffs on both sides of the Pacific".

But no action has been forthcoming, with the administration engaged in sensitive negotiations to resolve a trade war between the countries.

"I think that it looks like Ambassador Lighthizer has made a lot of progress, and we might get there on China", Mr Hassett said, adding that details of any deal were still being worked out.

Trump on Friday asked China to immediately remove all tariffs on USA agriculture, though he didn't indicate if his demand was limited to retaliatory duties or more far-reaching.

Global shares rose on Monday amid growing optimism the United States and China will reach a trade agreement as soon as this month. Trump also delayed plans to impose more tariffs on China last week, scheduled as a motivator to conduct negotiations.

Easier for China to face tariffs than bend to US pressure / Reuters "Xi, who fundamentally believes in a strong role for the state and the ruling Communist Party in the economy, does not want to, and can not, quickly dismantle decades of state planning, political analysts say."China is blocking World Bank report calling for changes in economy / Washington Post "China has delayed the publication of a report on its economy, written in conjunction with the World Bank, as it tries to tone down recommendations about reforming its state-owned enterprises and allowing more market-led principles to reign".

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