US and Chinese trade negotiators are working hard to remove tariffs on both sides to make way for a Phase One trade deal signing by the end of November.
High level US trade officials told Reuters that US President Donald Trump is looking to cancel tariffs to go into effect on December 15 on a batch of Chinese goods valued at $156 billion that includes mobile phones and laptop computers.
In exchange, China will negotiate to import US agricultural goods, most notably soybeans, that Trump said could be valued up to $50 billion.
Trump said sixty percent of the final US-China trade deal was complete and ready to be agreed upon in a tweet on the social media platform Twitter.
The report comes as Chinese lead Xi Jinping made a speech imploring world leaders to work together to make a progressive free-trade oriented world economy at the China International Import Expo in Shanghai on Tuesday.
“As global value and supply chains continue to develop, countries are inter-connected with each other, and integration of their economies is the order of the day,” said Xi in a speech on Tuesday.
“All problems could be settled in the spirit of equality, mutual understanding and accommodation,” he added. “We need to promote development through opening-up and deepen exchanges and cooperation among us. We need to ‘join hands’ with each other instead of ‘letting go’ of each other’s hands. We need to ‘tear down walls,’ not ‘erect walls.'”
The International Monetary Fund (IMF) released a revised global growth forecast last month that increased global GDP expansion in 2020 to 3.4 percent after a slow down this year due to the ongoing global trade wars.
The IMF’s World Economic Outlook report stated that the US-China trade war slowed global growth this year because of the uncertainty it created in world markets.