U.S. negotiators have offered to slash existing tariffs by as much as half on roughly $360 billion of Chinese-made goods as well as to cancel a new round of levies set to take effect on Sunday, according to people briefed on the matter, as the two sides continue to hammer out a limited trade deal that could help prevent an increasingly shaky bilateral relationship from sinking further.
Should China not carry out its pledges as part of the potential deal, the tariff rates would return to their original levels, a clause known in trade negotiations as a "Snapback" provision.
"Trade teams from both sides are maintaining close communications," Gao Feng, spokesman at China's Commerce Ministry, said at a news briefing Thursday.
Details of the new U.S. plan emerged as the clock runs out for the two sides to reach an agreement before 12:01 a.m. on Dec. 15-the date that President Trump has set for tariffs to increase on an additional $156 billion of Chinese goods.
None of the trade truces declared in the past two years has stuck and the uncertainty around trade between the world's two largest economies has weighed on global growth.
Mr. Trump hasn't made a decision on whether or not to delay the scheduled new tariffs, or whether to accept a rate cut on existing tariffs.
The new tariffs set for Dec. 15 would hit roughly $156 billion of imports from China of mobile phones, laptops, toys, clothing and other consumer products.
https://www.wsj.com/articles/trump-says-u-s-is-very-close-to-a-big-deal-with-china-on-trade-11576162614?mod=hp_lead_pos1
Should China not carry out its pledges as part of the potential deal, the tariff rates would return to their original levels, a clause known in trade negotiations as a "Snapback" provision.
"Trade teams from both sides are maintaining close communications," Gao Feng, spokesman at China's Commerce Ministry, said at a news briefing Thursday.
Details of the new U.S. plan emerged as the clock runs out for the two sides to reach an agreement before 12:01 a.m. on Dec. 15-the date that President Trump has set for tariffs to increase on an additional $156 billion of Chinese goods.
None of the trade truces declared in the past two years has stuck and the uncertainty around trade between the world's two largest economies has weighed on global growth.
Mr. Trump hasn't made a decision on whether or not to delay the scheduled new tariffs, or whether to accept a rate cut on existing tariffs.
The new tariffs set for Dec. 15 would hit roughly $156 billion of imports from China of mobile phones, laptops, toys, clothing and other consumer products.
https://www.wsj.com/articles/trump-says-u-s-is-very-close-to-a-big-deal-with-china-on-trade-11576162614?mod=hp_lead_pos1
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