U.S. and China are nearing deal to roll back a portion of the tariffs the Trump administration has imposed on more than $250 billion-worth of Chinese goods
The United States and China are closing in on a deal that includes broad agreement on how the Trump administration will roll back a portion of the tariffs it has imposed on more than $250 billion-worth of Chinese goods, according to two people close to the talks.
U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin wrapped up a quick visit to Beijing on Wednesday where they met with Chinese Vice Premier Liu He for a working dinner and a formal discussion the following day. Mnuchin tweeted that the meetings were “productive.” A 25 percent tariff the U.S. has imposed on roughly $50 billion-worth of other Chinese goods would likely stay in place longer, possibly until after the 2020 election, leaving it to a second-term Trump administration or a new president to deal with, the source said.
The two countries continue to debate the terms of leaving tariffs in place. It’s still unclear whether China would lift its retaliatory tariffs on U.S. exports like soybeans and pork or shift retaliatory tariffs to other products, the people said. China has imposed counter-tariffs on roughly $110 billion worth of U.S. goods.The process would track closely to what Lighthizer has described to Congress: a series of regular meetings to address complaints about China’s compliance.
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