China, US agree to roll back tariffs as part of trade deal

Bloomberg U.S. trade with China tumbled in September amid intensifying standoff

He denied reports - which the White House had confirmed one day earlier - that he had agreed to remove some tariffs as part of an initial deal.

The Chinese official had said Thursday that the two sides had agreed to a phased cancellation of their tariff hikes as part of an emerging agreement.

Trump also revived questions Friday about the location for signing any deal with his Chinese counterpart Xi Jinping. But the comment was soon shrouded in doubt after Reuters reported the plan faced stiff internal opposition in the usa administration.

China's trade surplus with the US was $26.42 billion in October; Exports to the USA are now down 11.3 per cent in dollar terms in the year to date from the same period in 2018.

US President Donald Trump on Monday said progress in developing the text of a partial trade pact with China means he will likely be able to sign it next month.

White House economic adviser Larry Kudlow also said Thursday that "if there's a phase one trade deal, there are going to be tariff agreements and concessions".

The US did not issue any public response after China said the two sides had agreed to remove tariffs "simultaneously".

"Given the volatility around the U.S".

Over the past couple of weeks, delegates from the USA and China have had "serious and constructive" discussions in an effort to secure a deal that would end their more-than-yearlong tariff dispute, Gao added.

"President Trump's tariffs are the centerpiece of his confrontation with the Chinese Communist Party - and they have worked brilliantly, forcing the Chinese to the table", said Steve Bannon, the president's former chief strategist.

After posting an impressive rally on Monday through Wednesday, U.S. West Texas Intermediate crude oil futures are trading lower on Friday, putting the market in a position to finish lower for the week.

However, "we can not rule out a gap" between the USA and Chinese positions, Varathan warned. -Chinese trade contracted again in October, despite optimism about possible progress in talks aimed at ending a tariff war that threatens global economic growth.

The "phase one" trade deal would largely address farm purchases, access to China's financial services market and improve copyright and trademark protections in China.

One possible location was London, where the leaders could meet after a North Atlantic Treaty Organisation summit that Trump is due to attend from Dec 3-4, the official said.

Chinese officials also want the United States to lift the 15 percent tariff Trump imposed September 1 on about $112 billion in imports.

In another trade-related move, the Chinese General Administration of Customs and the Chinese Ministry of Agriculture are studying the removal of curbs on USA poultry imports, Xinhua news agency reported, without further details.

More hard technology transfer issues, subsidies and cybersecurity rules would be left to future negotiations.