U.S. reaches 'deal in principle' with China on trade: source
WASHINGTON/BEIJING - The United States has offered to cut existing tariffs on Chinese goods by as much as 50% and suspend new tariffs scheduled to go into effect on Sunday in an attempt to secure a “Phase One” trade deal.
U.S. Trade Representative Robert Lighthizer told senators during a briefing that announcements were possibly “imminent” on U.S. tariffs, Senator John Cornyn told reporters. Trump is expected to meet top trade advisers at 2:30 on Thursday afternoon to discuss trade negotiations. During a regular briefing on Wednesday in Beijing, Gao Feng, spokesman at the Chinese commerce ministry, told reporters: “The two sides’ economic and trade teams are maintaining close communication.”shot to a record high and was trading up 0.5% in the afternoon.
A decision to proceed with the Dec. 15 levies could roil financial markets. Gao declined to comment on possible retaliatory steps if Washington imposes more tariffs on Chinese goods this weekend.
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