Trump says US close to trade deal with China as deadline looms

For the second time in as many months, US President Donald Trump suggested on December 12 that Washington and Beijing were on the brink of a major trade agreement. Trump, as a result, may cancel fresh tariffs on $160 billion in Chinese imports that are set to kick in on Sunday and slash existing import duties as well, according to a media report.

In this file photo taken on November 7, 2019, shipping containers are stacked at the Port of Los Angeles, the nation's busiest container port, in San Pedro, California. [Photo: AFP]

The next big U.S.- China trade deadline is just days away. On Sunday, the Trump administration is set to slap 15% tariffs on more than $150 billion of imports from China. This round hits items like mobile phones, laptops, toys and clothing – consumer goods spared from previous rounds. China is expected to retaliate if the U.S. goes ahead with those tariffs.

Reuters reports Trump will meet with his trade team Thursday afternoon. Earlier Thursday, President Trump raised hopes of an agreement, tweeting:

In Beijing, the Ministry of Commerce says talks are ongoing and preparations are underway for more agriculture imports from the U.S..

"The economic and trade teams of the two sides have been maintaining close communication," said Gao Feng, Chinese Ministry of Commerce Spokesman.

Talks on a comprehensive deal fell apart in May. In October, both sides said a new approach had been taken and the deal would roll out in steps. Phase one would address intellectual property issues and possibly some currency related issues plus China would agree to buy more U.S. agricultural products. But there has so far been no commitment by the U.S. to roll back tariffs – that’s something China says it needs for a phase one deal.