U.S., China Tout Progress in Trade Talks

The presidents of China and the U.S. say the two countries are making significant progress on a deal that could end their trade war a month from now.

Presidents Donald Trump and Xi Jinping both say that many of the most difficult issues have been largely resolved. But a more cautious U.S. Trade Representative Robert Lighthizer tells reporters there are “major, major issues” yet to settle.

Observers note that Trump has declined to set a date for a summit in which the two leaders would sign an agreement. Trade experts say that remaining coy about a date gives the U.S. more leverage on resolving remaining issues.

Media reports say China appears ready to chip away at its large trade surplus by buying more agricultural products from American farmers. Less clear is how far China is willing to go to address Trump administration complaints about China’s economic policies.

The Trump administration insists that China reform practices that subsidize its domestic businesses and force U.S. companies to transfer technology to China in return for the right to do business in the country.

Remaining sticking points are how to enforce an agreement and how quickly the punitive tariffs currently in place would be dropped.

Trump and Xi agreed in December not to escalate their trade war further in hopes of reaching accord within 90 days. Trump has since extended that deadline to the end of April and is likely to push it back further if he feels sufficient progress is being made.