U.S. and China could reach trade deal at summit around March 27: WSJ

WASHINGTON (Reuters) – U.S. President Donald Trump and Chinese President Xi Jinping could reach a formal trade deal at a summit around March 27 given progress in talks between the two countries, the Wall Street Journal reported on Sunday.

The two nations have imposed tit-for-tat tariffs on hundreds of billions of dollars worth of each others’ goods, roiling financial markets, disrupting manufacturing supply chains and shrinking U.S. farm exports.

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

The newspaper’s sources cautioned that hurdles remain, and each side faces possible resistance at home that the terms are too favorable to the other side.

As a part of the deal there would be a $18 billion purchase of natural-gas from Houston-based Cheniere Energy Inc, the report said.

Cheniere declined to comment on the potential for a new LNG supply deal with China, a spokesman said. It last year signed a 20-year deal to supply state-run Chinese National Petroleum Corp (CNPC) with from its Louisiana export terminal through 2043.

The United States is working to hammer out a detailed trade agreement with China that will include specific structural commitments, U.S. Treasury Secretary Steven Mnuchin told CNBC on Thursday.

Last week, Trump said the U.S. could walk away from a trade deal with China if it were not good enough, even as his economic advisers touted “fantastic” progress toward an agreement to end the dispute with Beijing.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.