China and the United States have agreed to roll back tariffs on each other’s’ goods in a “phase one” trade deal if it is completed, officials from both sides said on Thursday, sparking division among some advisers to President Donald Trump.
US and Chinese officials are “close to finalizing” some parts of a trade agreement after high-level telephone discussions on Friday, the US Trade Representative’s office and China’s Commerce Ministry said, with talks to continue.
US President Donald Trump on Friday said he thinks a trade deal between the United States and China will be signed by the time the Asia-Pacific Economic Cooperation meetings take place in Chile on November 16 and 17.
China and the United States both have the “ability and wisdom” to reach a trade deal that is good for both, the Chinese government’s top diplomat said.
U.S. President Donald Trump’s tariff increase to 25% on $200 billion worth of Chinese goods took effect on Friday, ratcheting up tensions between the United States and China as they pursue last-ditch talks to try to salvage a trade deal.