Top U. S. and Chinese trade negotiators haggled on Thursday over the details of a set of agreements aimed at ending their trade war, just one week before a Washington-imposed deadline for a deal expires and triggers higher U. S. tariffs.
WASHINGTON (Reuters) — Top U. S. and Chinese trade negotiators haggled on Thursday over the details of a set of agreements aimed at ending their trade war, just one week before a Washington-imposed deadline for a deal expires and triggers higher U. S. tariffs.
Reuters reported exclusively on Wednesday that the two sides are starting to sketch out an agreement on structural issues, drafting language for six memorandums of understanding on proposed Chinese reforms.
If the two sides fail to reach an agreement by March 1, U. S. tariffs on $200 billion worth of Chinese imports are set to rise to 25 percent from 10 percent. Tit-for-tat tariffs between the world’s two largest economic powers have disrupted international trade and slowed the global economy since the trade war started seven months ago.
Negotiators have struggled this week to overcome differences on specific language to address tough U. S. demands for structural changes in China’s economy, two sources familiar with the talks said. The issues include an enforcement mechanism to ensure that China complies with any agreements.
“It’s not surprising that this week has been more challenging,” said an industry source familiar with the talks.
