In recent interviews, Secretary of State Mike Pompeo said the US and China could possibly reach a deal in the next one or two weeks to balance trade and remove China’s tariffs on US farm produce.

Zhang Yesui, a spokesperson for China’s National People's Congress said China and many other countries around the world acknowledged progress in trade talks with the US. He said more talks are needed to reach an agreement that benefits both nations.

Seeking a common view, reducing differences

Over the past few days, Washington and Beijing have emphasized a final deal under which China will reduce tariffs or ease limits on agricultural products, chemicals, automobiles, and other products from the US. China has promised to relax limits for foreign ownership on car projects, reduce tariffs on imported cars to below the current tariffs of 15%, import more US goods, and buy natural gas worth billions of USD from the Cheniere Energy.

In return, the US will halt its plan to increase tariffs from 10% to 25% on Chinese imports worth 200 billion USD and will consider the removal of tariffs imposed on Chinese goods last year.

The agreements came on the expiry day of a 90-day truce in the US-China trade war.  US President Donald Trump hopes to meet Chinese President Xi Jinping on March 27 to finalize the deal, according to a source.

Negotiations continue

The US-China trade war flared up last summer when the two raised tariffs on each other products. More than 360 billion USD worth of goods were hit with new tariffs. The US asked China to revise its laws on intellectual property rights, end the required transfer US technology to Chinese companies, end government subsidies for China’s industrial sector, and open China’s doors wider to American goods. The US wants China to import more goods from the US to reduce a trade deficit which totaled 417 billion USD last year, according to the US Trade Representative Office.