US, China eye trade deal announcement early May – Report

US, China eye trade deal announcement early May – Report

Mubasher: Top US and Chinese officials are planning to hold more face-to-face meetings in an effort to hammer out a trade pact by early May that would be signed later on by President Donald Trump and his counterpart Xi Jinping, the Wall Street Journal (WSJ) reported.

US Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin plan to head to Beijing the week of 29 April, the WSJ cited two sources familiar with the matter.

In the following week, Chinese Vice Premier Liu He will travel to Washington for talks, during which officials from both sides would announce a deal and details of signing summit, probably slated for late May, the sources said.

This came before Chinese commerce ministry spokesman announced that trade negotiations between Washington and Beijing over the terms of a trade deal yielded progress, yet the talks have yet to bear fruits, according to Reuters on Thursday.

Earlier in April, President Trump said that a framework for the trade deal might be put within four weeks, and it would take further two weeks to work out details.

US and Chinese officials have been locked in negotiations to put an end to the nearly year-long trade feud, as the two sides are still haggling over an enforcement mechanism and which tariffs will remain in effect and others will be lifted.

Secretary Mnuchin said that the agreement will have “real enforcement on both sides,” which means that the US and China both could slap penalties if any party to the pact fails to fulfil its commitment.