Foreign media: China and the United States are expected to reach an agreement, the United States may cancel most or even all tariffs
According to the latest reports from foreign media, according to two people familiar with the matter, China and the United States are about to reach a trade agreement. As long as China can comply with the agreement (including protecting intellectual property rights of US products and purchasing a considerable amount of products from the United States), the United States may cancel Most are even all tariffs.
People familiar with the matter said that in recent weeks, Chinese officials have clearly stated in a series of negotiations with US officials that the rapid lifting of the tax on Chinese imports of 200 billion US dollars is a necessary condition for any agreement.
It is reported that the current discussion between China and the United States is focused on whether to immediately cancel the tariffs, or whether it will take a while for the United States to understand whether China has fulfilled its corresponding commitments and then canceled. From the perspective of the US, they hope to continue to use the tariff threat as a lever to ensure that China will not renege on its words.
According to people familiar with the matter, as part of the ongoing negotiations, the United States is asking the Chinese side not to retaliate against the tariffs that the United States may impose, nor to sue the World Trade Organization.
At the same time, the informed officials of the two countries stated that the date of the meeting between US President Trump and Chinese President Xi Jinping has not yet been agreed. Earlier, the Wall Street Journal reported that the China-US summit may be held around March 27.
Since President Xi Jinping needs to host the annual National People's Congress and visit other countries, it is not easy to finalize the specific signing ceremony.
It is reported that Zhang Yesui, spokesman of the National People's Congress, told reporters in Beijing today (March 4) that the economic and trade teams of China and the United States have conducted fruitful and intensive consultations. "There have been important stages on many issues of common concern. Sexual progress, we hope that the two sides will continue to hold close consultations and reach an agreement of mutual benefit and win-win."
It is reported that Asian stock markets rose with the rise of US futures prices, and the RMB and Australian dollar rose in early trading on Monday.
Trade differences are being resolved
According to the Wall Street Journal, people familiar with the matter said that China proposed to reduce tariffs on US agricultural products, chemicals, automobiles and other products, and would purchase $18 billion in natural gas from Houston-based Cheniere Energy. As part of the agreement, China has also pledged to speed up the timetable for removing foreign ownership restrictions on auto companies and to reduce the tariff rate on imported vehicles to less than 15%.
A senior US government official said on Sunday (March 3) that the United States has not yet decided whether to cancel the tariff. The official also said that the internal disputes of the US government are still going on, and Trump is unable to make a decision before the agreement is formally reached.
Last Friday, Bloomberg reported that China and the United States are about to reach a trade agreement.
Overall, Trump and his team of economic members have a positive attitude towards the possibility of reaching an agreement. The US stock market has begun to pick up. December 2018 is the worst month for the US stock market since the Great Depression. This indicates that the trade differences between the world's two largest economies are being resolved and the differences will not be further escalated.
Follow-up to the "cease agreement"
With the trade consultations, Trump has announced last week that it will postpone the planned increase of China's tariffs on US goods on March 1. At the same time, Trump said that in response to his delay in tariffs, he asked China to immediately lift all tariffs imposed on US agricultural products.
Since 2018, US and Chinese officials have held several rounds of face-to-face talks, and the two sides are currently in regular contact through telephone and video conferences to finalize the details of the agreement.