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US, China trade talks draw closer to final deal, says White House

Talks between the two economic powerhouses made good headway last week in Beijing


trade war
Illustration by Ajay Mohanty

Trade talks between the US and China are progressing and both sides hope to get closer to a deal this week, White House economic adviser Larry Kudlow said on Wednesday as negotiators prepared to start a fresh round of talks in Washington.

Talks between the two economic powerhouses made good headway last week in Beijing, Kudlow told reporters at an event hosted by the Christian Science Monitor. Kudlow said China has acknowledged problems of intellectual property theft, forced technology transfer and hacking for the first time as a result of the trade talks.

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China touted “new progress” after last week’s talks and both sides have been working line-by-line through the text of an agreement that can be put before Trump and Xi, according to people familiar with the matter.

China has already announced various concessions and pledged to open up industries in steps.

Asian stocks bounced with U.S. and European equity futures Wednesday on expectations that a deal could soon materialize. Treasury yields rose. Any hint that the talks have run into deadlock will unnerve investors and trigger fresh concerns for the world economy, which has already been rattled by tit-for-tat tariffs that the U.S. and China have imposed on each others goods.

First Published: Thu, April 04 2019. 02:17 IST