Drafts of an agreement to end a almost year-long trade war would give Beijing until 2025 to meet commitments on commodity purchases and allow American companies to wholly own enterprises in the Asian nation, according to three people familiar with the talks. China wants them lifted.
Liu met with the president after two days of talks between Chinese and American trade negotiators in Washington.
High-level talks that began in Beijing last week are continuing this week in Washington. He also said that "Ninety per cent of the deal is done".
US officials favour tariffs as a way to maintain leverage on China and ensure those obligations are met. However, the main issues remaining are over the fate of USA levies on Chinese goods and the United States ensuring China abides by the deal.
"We're getting very close to making a deal". While some progress is being made, resolving more contentious issues such as the forced transfer of technology is taking longer.
Myron Brilliant, executive vice president for worldwide affairs at the US Chamber of Commerce, told reporters that the deal is 90% complete but added that the remaining 10% will be the most hard part of negotiations as both sides will be required to make concessions.More news: Whoa, Did Kylie Jenner Finally Address the Jordyn Woods Situation?
China's Commerce Ministry didn't immediately reply to faxed questions. People familiar with the talks said for that reason, the United States is pushing for China to front-load a big chunk of the commodities purchases in the first two years the agreement is in place.
The United States and China have been embroiled in a tit-for-tat tariff battle since mid-2018.
But absent significant process on the "tricky" issues of tariffs and enforcement, the goal to complete a deal in April may be missed, Brilliant said. A person familiar with the text said China so far agreed only to consider avoiding retaliation if the US took action against Beijing, but stopped short of a formal pledge to refrain from counter-punching.
"We're covering issues that have never really been covered before, including enforcement", Kudlow said, listing USA accusations that Beijing engages in intellectual property theft, forced transfer of technology from USA companies doing business in China, cyber hacking, tariffs and non-tariff barriers for commodity trading.
Trump's remarks prolong the uncertainty over whether the world's two-biggest economies can end their nine-month trade war, which has disrupted supply chains, whipsawed markets, and weighed on the world economy. There's no timetable for further negotiations after that, the official said.
Any attempts to address a trade deficit or surplus with another country through tariffs would shift the trade balances with other countries, making no impact on a country's aggregate balance, the International Monetary Fund said.
-With assistance from Jennifer Jacobs, Saleha Mohsin, Jeffrey Black and Yinan Zhao.