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U.S. sources say terms set for China trade deal, but Beijing mum


Added 12-13-19 02:03:02am EST - “Washington will suspend some tariffs on Chinese goods and cut others in return f...” - Reuters.com

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Posted By TheNewsCommenter: From Reuters.com: “U.S. sources say terms set for China trade deal, but Beijing mum”. Below is an excerpt from the article.

WASHINGTON (Reuters) - Washington will suspend some tariffs on Chinese goods and cut others in return for Beijing buying more American farm goods, U.S. sources said on Thursday, although a lack of confirmation from either side cast doubt on whether a deal was finalized.

A source briefed on the status of bilateral negotiations said the United States would suspend tariffs on $160 billion in Chinese goods expected to go into effect on Sunday and roll back existing tariffs.

In return, Beijing would agree to buy $50 billion in U.S. agricultural goods in 2020, double what it bought in 2017, before the trade conflict started, two U.S.-based sources briefed on the talks said.

Neither Washington nor Beijing had made official statements, however, raising questions about whether the terms had been agreed by both sides. New Chinese tariffs on U.S. goods are due to take effect at 0401 GMT Sunday and new U.S. tariffs on Chinese goods will apply at 0501 GMT. Both would need to make formal announcements to postpone or cancel these tariffs.

Two people familiar with the negotiations had said earlier on Thursday that Washington offered to cut existing tariffs on Chinese goods by as much as 50% and suspend the new tariffs scheduled for Sunday in order to secure a “Phase 1” deal first promised in October.

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