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The announcement of a trade agreement between the United States and China is "possible" before next Friday, sources said Wednesday to CNBC.
A US delegation met Chinese negotiators in Beijing on Wednesday as the world's two largest economies tried to define the details of an agreement. Chinese Vice Premier Liu He will visit Washington for talks next week.
Washington and Beijing have lobbied to resolve a trade dispute that has led to a series of tariffs and raised fears about spiraling economic damage. While both sides have repeatedly praised progress in the negotiations, disputes such as the immediate removal of existing tariffs or their retention in place as a measure of execution aimed at putting an end to practices such as that the theft of intellectual property have caused the final agreement to fail. President Donald Trump also wants China to buy more US goods to reduce the trade deficit between countries.
On Wednesday, the White House said the latest talks had brought Washington and Beijing closer to an agreement. In a statement, Sarah Huckabee Sanders, White House press secretary, said, "Discussions remain focused on substantial progress on important structural issues and on rebalancing the US-China trade relationship."
Chinese President Xi Jinping and President Donald Trump greet participants by waving US and Chinese national flags at a welcoming ceremony in front of the Great Hall of the People in Beijing, China on November 9, 2017.
Qilai Shen | Bloomberg | Getty Images
White House chief of staff Mick Mulvaney said on Tuesday that the United States should know "one way or another in the next two weeks" how the trade talks will be resolved.
The White House did not immediately comment on the possibility of an agreement by next Friday.
Reports have suggested that the Trump administration could cede certain provisions as part of the deal. Under a final agreement, the United States could immediately remove a 10% duty on part of the $ 200 billion worth of Chinese goods on which it levied customs duties, Politico said Wednesday.
Washington would maintain a 25% tariff on goods worth $ 50 billion until after the November 2020 election, according to the media.
Investors have been following the ongoing discussions closely. A protracted trade dispute would hurt US companies and the global economy. A flawless stay
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