U.S., China near deal to roll back some tariffs

The United States and China are closing in on a deal that includes broad agreement on how the Trump administration will roll back a portion of the tariffs it has imposed on more than $250 billion-worth of Chinese goods, according to two people close to the talks.

The two sides have also reached an understanding on how to enforce the agreement, although the sources cautioned that details still need to be worked out when a Chinese delegation arrives in Washington on May 8.

Expectations are high that the two sides could announce a deal by the end of next week, setting the stage for a summit between President Donald Trump and Chinese President Xi Jinping to sign it.

U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin wrapped up a quick visit to Beijing on Wednesday where they met with Chinese Vice Premier Liu He for a working dinner and a formal discussion the following day. Mnuchin tweeted that the meetings were “productive.”

The two sides have reached general agreement on a plan for the U.S. to immediately remove a 10 percent tariff on a portion of the $200 billion worth of Chinese imports affected by the penalty and then phase in lifting the duties on the rest of the items “quickly,” said one of the people familiar with the discussions.