The US has made significant progress in its trade deal negotiations with China, the White House has said, refuting reports that the talks are not making headway and Chinese President Xi Jinping has cancelled his scheduled trip to Mar-a-Lago later this month for finalising the agreement.
China and the US have been locked in a bruising trade war since last year, imposing tit-for-tat tariffs on more than USD 360 billion in two-way trade. Top trade officials from the two sides have met thrice in an attempt to reach an agreement to end the trade war
"I think we're making great progress. Look, as the president said, across the board, the deal has to be good for the US and for our workers and our farmers and our manufacturers. It's got to be good. It's got to be fair and reciprocal, and it has to be enforceable. That's an important point, White House Chief Economic Advisor Larry Kudlow told Fox news.
"We made great headway when the Chinese were here two weeks ago. In the past week, we've been in communications with them every day by teleconferencing and so forth, working out some of the difficult final points. I think that's where we are in the successful negotiations, he said.
Top Chinese trade officials were here in the last week of February to hold talks. During a meeting with them in the Oval Office, President Donald Trump told reporters that he and Xi would be meeting in March, most probably in Mar-a-Lago to finalise the deal.
On Sunday, Kudlow said that nothing has been finalised yet, but progress is being made.
I don't want to predict, it's up to the president and not to me, but I think the headway has been good. This morning headline, China has accepted our currency proposals to have stable currencies and transparent interventions so that they won't devalue, he said.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)