Evidence grows that Trump's trade wars are hitting US economy

Evidence grows that Trump's trade wars are hitting US economy

"I think that it looks like Ambassador Lighthizer has made a lot of progress, and we might get there on China", Hassett said in an interview with Fox Business Network.

The trade deal could lift most if not all tariffs between the two countries.

The two sides are also trying to work out allegations that China is stealing United States intellectual property.

Trump had set a March 1 deadline to increase tariffs on $200 million in Chinese goods from 10 percent to 25 percent.

While progress has been made on language to address USA demands on IP, subsidies and market access, she added: "It would be hard to finalize the negotiation if the enforcement plan isn't worked out".

In Beijing, some Chinese officials and trade experts say they now increasingly anticipate any concessions to fall short of massive changes to China's state-driven economic model sought by the Trump administration.

Trump had forecast a summit meeting with Chinese President Xi Jinping to finalize details in a bilateral trade agreement to tackle deeper issues, including greater transparency around subsidies and state-owned enterprises (SOEs) from China, addressing USA concerns over forced technology transfer, and intellectual property protection.

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"We hope that both sides can continue to step up consultations, to reach a mutually-beneficial, win-win agreement", Zhang told a news briefing ahead of Tuesday's opening of China's largely rubber-stamp parliament.

It could persuade Beijing that Trump is desperate for a win, or China might take it as a sign that Trump, as his advisErs say, is willing to walk away from a bad deal.

Beijing has offered to lower tariffs and other restrictions on American farm, chemical, auto and other products and Washington considering removing most, if not all, sanctions levied against Chinese products since past year, according to the Wall Street Journal.

It is in neither country's interests to clash or have a confrontation, Zhang added.

According to the paper, both sides believe talks have progressed far enough that Trump and Xi could reach a formal agreement at a potential meeting around March 27.

The Wall Street Journal said China would lower tariffs on US-made goods including agricultural products, chemicals and cars in exchange for sanctions relief from Washington in the pending agreement, citing people briefed on the matter on both sides.

A representative for the White House said they had no comment on the ongoing negotiations.

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