US, China closing in on a trade deal

President Donald Trump speaks at the Conservative Political Action Conference in National Harbor Md. Friday

Donald Trump Proclaims Tariffs ‘Greatest Negotiating Tool’ in U.S. History Mike Theiler UPI 3 Mar 2019 Oxon Hill MD

That's the amount the Trump administration imposed after China retaliated against the U.S.'s first salvo of US$50 billion in tariffs that kicked off the eight-month trade war.

The trade war also cost companies an additional $1.4 billion a month in efficiency losses as they were forced to scramble to change the way they do business to adapt to the tariffs, such as cobble together new supply chains, according to the study. The rise in the Shanghai Composite follows the strongest weekly gains for the index in more than 4 years last week, powered by expectations for government stimulus and policy support, renewed optimism about U.S.

Chinese negotiators have also offered to speed up the timetable for removing foreign-ownership limits on auto ventures and to reduce tariffs on imported vehicles to below the current 15 percent rate, according to the Journal.

White House economic adviser Kevin Hassett says the U.S.is close to clinching a trade deal with China.

Carmen Jaspersen/dpa/picture-alliance/NewscomTariffs imposed by President Donald Trump during 2018 cost the US economy $6.9 billion last year-above and beyond the $12.3 billion paid by American consumers and importers to the federal government. If talking doesn't yield progress, Lighthizer said the us will respond with "proportional" and "unilateral" action, likely referring to tariffs.

Chinese officials made clear in a series of negotiations with the U.S.in recent weeks that removing levies onUS US$200 billion of Chinese goods quickly was necessary to finalize any deal, said the people, who weren't authorized to talk publicly about the deliberations. The U.S. also wants China to refrain from bringing any challenges at the World Trade Organization.

"I'm never afraid to walk from a deal, and I would do that with China , too, if it didn't work out", the president said.

The Chinese have offered to ramp up purchases of American goods by US$1.2 trillion over six years, according to a person familiar with the matter.

Trump on Friday asked China to immediately remove all tariffs on US agriculture, though he didn't indicate if his demand was limited to retaliatory duties or more far-reaching.

Last week, U.S. Trade Representative Robert Lighthizer said the provisions involving protecting intellectual property total almost 30 pages out of a working document of more than 100 pages. Talks could still collapse if a deal cannot be reached on enforcement of these so-called "structural" issues. "What he did in North Korea was right, he must do the same thing in China - hold out, because he has the upper hand, until we get China to do the right thing".

FILE - U.S. and Chinese delegations meet in the Indian Treaty Room in the Eisenhower Executive Office Building on the White House complex, during continuing meetings on the U.S.

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