Wsj: US And China Could Reach Trade Deal At Summit Around March 27

US President Donald Trump and Chinese President Xi Jinping could reach a formal trade deal at a summit around March 27 given progress in talks between the two countries.

China and the U.S. are in the final stage of completing a trade deal, with Beijing offering to lower tariffs and other restrictions on American farm, chemical, auto and other products and Washington considering removing most, if not all, sanctions levied against Chinese products since last year, The Wall Street Journal reported.

The two countries have imposed tit-for-tat tariffs on hundreds of billions of dollars worth of each others' goods, roiling financial markets, disrupting manufacturing supply chains and shrinking U.S. farm exports.

China would lower tariffs on U.S.-made goods including agricultural products, chemicals and cars in exchange for sanctions relief from Washington, the Journal said, citing people briefed on the matter on both sides.

The newspaper's sources cautioned that hurdles remain, and each side faces possible resistance at home that the terms are too favorable to the other side.

As a part of the deal there would be a $18 billion purchase of natural-gas from Houston-based Cheniere Energy Inc, the report said. - Istanbul