U.S. and Chinese negotiators are reportedly nearing a deal that would end a months-long trade dispute as a deadline for a pause in tariff action draws closer.
Reuters reports that the two sides have sketched the broad outlines of a deal that would address trade practices the U.S. deems as unfair, such as accusations that Beijing forces U.S. companies to give up trade secrets in order to do business in China.
{mosads}One Chinese official who asked to remain anonymous told the news service that the negotiations had entered the final “sprint,” but cautioned that some unidentified issues still needed to be resolved.
“It can be said that we are now in the sprint phase, and both negotiating teams are working towards the goal of reaching an agreement within the deadline, but some problems are still quite complicated to resolve,” the official told Reuters.
The two nations are also reportedly looking at ways to reduce China’s trade deficit with the U.S., such as a 10-point list of options for increased Chinese investments in the U.S.
One Chinese official added to Reuters that the two sides could extend the March 1 deadline for a short period of time in order to hammer out the remaining parts of a trade deal.
“I think they’re trying to move fast so that doesn’t happen,” President Trump told reporters at the White House on Wednesday, as officials meet in Washington for a new round of talks.
If a deal is not hammered out by March 1 or if the deadline is not extended, tariffs on Chinese goods would rise to 25 percent.