CNBC reported that the U.S. and China could be in the final stages of negotiations after the trade truce between the two economic superpowers expired on March 1.
Per CNBC, “Negotiations are in the “final stages” as the two sides plan a summit for the end of March at Mar-a-Lago, President Donald Trump’s Florida resort, sources told CNBC. If a deal is reached, the U.S. could roll back tariffs on at least $200 billion in Chinese goods while China could remove or cut industry-specific levies like those on autos.”
Prior to any deal being official, Chinese President Xi Jingping and China’s policymaking committee Politiburo would have to sign off on the particulars. U.S. President Donald Trump is said to be pushing to finalize a deal despite U.S. Trade Representative Robert Lighthizer lobbying for more concessions.
“Markets expect a deal by the end of March, but the key here will be whether the deal results in the removal of all tariffs,” said Tom Essaye, founder of The Sevens Report. “The reports this morning imply that might happen, but it will have to become reality for US-China trade to provide a sustainable positive catalyst for stocks.”
In the video below, CNBC’s Kayla Tausche reports on Secretary of State Mike Pompeo’s U.S.-China trade talk comments during his trip to Iowa.
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