USA sets 2025 target for China to fulfil trade pledges

US President Donald Trump steps out of the Oval Office

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President Donald trump touted prospects for an "epic" trade deal with China Thursday, but acknowledged that a settlement of a year-long commercial conflict remained at least a month away.

China's State Council or central cabinet said last Sunday that China would continue to suspend additional tariffs on U.S. vehicles and auto parts after March 31, in a goodwill gesture following a USA decision to delay tariff hikes on Chinese imports.

Speaking at an Oval Office meeting with Chinese Vice Premier Liu He, Trump said a trade agreement between the two countries could come "within the next four weeks" followed by an additional two weeks to polish the text.

As the talks resumed on Wednesday morning, Mr Trump's top economic adviser touted progress but cautioned that a final deal to end the trade war remains elusive. "But it's going very well", he told reporters. "We are rounding the turn".

Vice Premier Liu He, China's top trade negotiator, agreed, telling Trump that "because of your direct involvement, we do have great progress".

The trade deal that the U.S. and China are crafting 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.

Trump confirmed that a summit would take place in the United States.

"We're getting very close to making a deal". The POTUS then thought for second to himself, chuckled briefly and assured that Xi liked it, concluding that he gets "along with him great". Futures on the FTSE China A50 Index advanced in early trading Friday in Singapore, with Hong Kong and China's markets closed for a holiday. There's no timetable for further negotiations after that, the official said.

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Good progress has been made by both sides and they are working to wrap up the talks, observed Myron Brilliant, executive vice president of the U.S. Chamber of Commerce. U. -China standoff is reducing trade and creating uncertainty for businesses trying to decide where to make investments.

Asked about the benefits of an agreement for China, Trump said China 'will continue to trade with the United States. He said he would discuss tariffs with Liu in their meeting but didn't elaborate.

"Some of the toughest things have been agreed to", Trump said.

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.

Those would be binding pledges that could trigger United States retaliation if unfulfilled, according to the people, who asked not to be identified because the talks are private.

Goods trade between the United States and China totaled $660 billion a year ago, according to U.S. Census Bureau data, consisting of imports of $540 billion from China and $120 billion in exports to China.

United States trade representative Robert Lighthizer, who is leading the talks for the Trump administration, said there were still some "major, major issues" to resolve and praised Liu's commitment to reform in China.

The limited scope and time frame of the deal raises questions about whether it would reshape the longer-term economic relationship, rather than simply serve as a political win for Trump ahead of his re-election campaign.

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