US, China close to big trade agreement

US sources said on Sunday that the US is likely to remove most or all tariffs on Chinese goods as part of a trade deal between the two countries. In recent negotiations with the US, Beijing has made it clear that it wants to reach a final agreement that will stop more tariffs on Chinese goods.

Earlier, the Wall Street Journal reported that the US and China are now close to completing a trade deal. It said China has agreed to reduce its taxes and other restrictions on US agricultural products, chemicals, automobiles, and other exports and has promised to accelerate the removal of foreign ownership limits on car projects and reduce import tariffs on cars below the current 15% rate. In return, the US will roll back most of last year's sanctions on Chinese products.

Source: VOV5