US trade representative Robert Lighthizer and Chinese Ambassador to Washington Cui Tiankai could sign a draft trade agreement between the two countries as early as Friday, the Wall Street Journal reported, citing an informed source.
Earlier it was reported that US President Donald Trump approved the first stage of the trade deal with China.
According to the newspaper, Lighthizer and Cui Tiankai on Friday will sign if not the draft agreement itself, then at least its main provisions.
According to media reports, the agreement provides for the abolition of a new round of duties on Chinese imports, which were supposed to come into force on December 15. It is also expected to reduce the already imposed duties of 360 billion dollars up to two times. In exchange, Beijing must meet some demands, including an increase in China’s purchases of American agricultural and other goods.
White House economic adviser Michael Pilsbury said that the second phase of the agreement, one of the topics of which will be changed in China’s industrial policy, will be discussed only after 2020 US presidential election.