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Lee Jeong-ho

Washington and Beijing are “very close” to reaching a deal that would halt the 17-month-old tariff battle between the world’s two biggest economies, US President Donald Trump said in a Twitter post on Thursday.
“Getting VERY close to a BIG DEAL with China,” Trump said in his tweet. “They want it, and so do we!” he added.
He did not elaborate. The promise of at least a ceasefire in the prolonged trade war delighted the investment community, as stocks surged soon after the tweet, with the S&P 500 hitting a record high.
Trump’s comments come amid a flurry of reports that a tariff hike slated to go into effect on Sunday will not go ahead.
LATEST: US and China said to agree on ‘phase one’ trade deal

Getting VERY close to a BIG DEAL with China. They want it, and so do we!
— Donald J. Trump (@realDonaldTrump) December 12, 2019

The Wall Street Journal, citing sources familiar with the negotiations, reported that the US side has offered to cut existing punitive tariffs on Chinese goods by as much as half in addition to cancelling the new round of levies.
The latest duties would be 15 per cent on a further US$156 billion of Chinese imports. Washington has already placed punitive tariffs of 15 to 25 per cent on about US$360 billion of Chinese goods since the trade war started in July 2018.
The US and China have been working out the details of a “phase-one” deal that could halt the bruising trade dispute.
Trump’s ‘phase-one’ deal will not resolve US-China issues: Larry Summers
Top White House economic adviser Larry Kudlow said earlier this month that Trump liked where the trade talks were going, and that a deal was “close”.

Washington and Beijing had been expected to meet after the Asia-Pacific Economic Cooperation summit in Santiago last month to sign the interim trade agreement, which would see China buy more US agricultural goods and increase intellectual property protections.
But the plan to complete the deal fell through after the Apec meeting was cancelled and tensions between the two countries rose over the Hong Kong protests and China’s treatment of its Muslim ethnic Uygur people in Xinjiang region.
Earlier this month, Trump suggested he could wait until after the 2020 election to strike a trade agreement with China and that he was under “no deadline” to complete a deal.


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US-China trade war

Donald Trump tweets that a US-China trade deal is ‘very close’, buoying stock market

US President Donald Trump has tweeted that the US and China are “very close” to setting an interim deal that would halt the 17-month-old trade war. Photo: Reuters

U.S. Director of the Economic Council Larry Kudlow speaks during the Wall Street Journal CEO Council, in Washington, U.S., December 10, 2019. REUTERS/Al Drago

Trade war: US and China said to agree on ‘phase one’ deal, with new US tariffs set aside

The US has reportedly postponed new tariffs on Chinese products that were planned to go into place on Sunday. Photo: AFP

Chinese Vice-Premier Liu He and US President Donald Trump at a meeting in the White House in Washington on October 11. Photo: Bloomberg

Trade deal must include US tariff rollback says China’s Global Times

US and China trade negotiators are working towards phase one of a trade deal which they hope will satisfy both US President Donald Trump and Chinese President Xi Jinping. Photo: AP

Donald Trump’s ‘phase-one’ deal will not resolve issues behind US-China trade war, Larry Summers says

Lawrence H. Summers, former US Treasury Secretary, says tensions between US and China will remain high as long as China remains a substantial economic success. Photo: Bloomberg

Democratic presidential candidate and former Vice President Joe Biden speaks at the 2019 Second Step Presidential Justice Forum at Benedict College in Columbia, South Carolina, U.S. October 26, 2019. REUTERS/Sam Wolfe

China warned of ‘substantial’ trade war tariff increases by US President Donald Trump if deal is not reached

US President Donald Trump speaking in New York on Tuesday. Photo: AP

FILE - In this Nov. 4, 2019, file photo, U.S. National Security advisor Robert O'Brien, left, shakes hands with China's Premier Li Keqiang during a bilateral meeting in Bangkok on the sidelines of the 35th Association of Southeast Asian Nations (ASEAN) Summit. The United States and China again traded barbs over freedom of navigation in the South China Sea at the annual summit of leaders of the Association of Southeast Asian Nations in Thailand. (Romeo Gacad/Pool Photo via AP, File)

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‘They want it, and so do we!’ the US president says in his Twitter post, sending the S&P 500 surging to a record high
Tweet comes with 15 per cent tariffs on US$156 billion of Chinese imports slated to go into effect on Sunday



‘They want it, and so do we!’ the US president says in his Twitter post, sending the S&P 500 surging to a record high. The tweet comes with 15 per cent tariffs on US$156 billion of Chinese imports slated to go into effect on Sunday.


Donald Trump tweets that a US-China trade deal is ‘very close’, buoying stock market

‘They want it, and so do we!’ the US president says in his Twitter post, sending the S&P 500 surging to a record high Tweet comes with 15 per cent tariffs on US$156 billion of Chinese imports slated to go into effect on Sunday

‘They want it, and so do we!’ the US president says in his Twitter post, sending the S&P 500 surging to a record high

Tweet comes with 15 per cent tariffs on US$156 billion of Chinese imports slated to go into effect on Sunday