According to Chinese state media, trade negotiations between China and the United States are “making a final sprint” towards a possible deal.
The official newspaper of the ruling Communist party, The People’s Daily, said that talks this past week made some important progress, striking a new tone of optimism ahead of more discussions in Washington in the coming days.
European markets have experienced a strong week as the optimism of a resolution buoyed investors around the globe.
Reports surfaced that Donald Trump, the President of the United States of America, was willing to push back his 1 March deadline to impose additional tariffs on imports. from China.
Yesterday, President Xi Jinping, the President of China, said that the negotiations between a US delegation and Chinese representatives produced “step-by-step” progress.
However, the discussions concluded without an official statement from either of the two largest economies in the world, slowing some of the momentum that was gained by markets.
US tariffs on $200 billion worth of imports from China are set to increase to 25 percent from 10 percent unless a deal is struck by the 1st of March – if President Trump does not extend the deadline.
In a commentary piece overnight, the Chinese newspaper boosted hopes of a resolution.
It stated: “It is hoped that the two sides will maintain the good momentum of the current consultations and strive to reach an agreement within the set time limit.”
An editorial in the Global Times was published by the People’s Daily. It said that news that China had consulted on the text regarding a memorandum of understanding “shows the two sides have made unprecedented progress.”
It stated: “The MOU and next week’s talks both show that the seemingly endless China-U.S. trade negotiations, like a marathon, are making a final sprint.”
However, a China Daily article provided some caution to the tricky discussions that are ahead.
It stated: “There are still obstacles to be overcome, and no one should underestimate how daunting a task the two sides face trying to resolve all the differences that have long existed between them in one clean sweep.”