12/12/2019, 4:01 PM (Source: TeleTrader)
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US offers Beijing 50% cut in tariffs - report

United States negotiators reportedly offered to cut Chinese tariffs by 50% and cancel the one due to take effect on December 15. According to a Wall Street Journal report, tariffs on $360 billion worth of Chinese goods would be cut in half if the proposal is accepted.

This reduction offer was made during the last few days and in exchange, Beijing was asked to pledge to purchase large amounts of US agricultural and other products, protect US intellectual-property rights and allow wider access to China’s financial-services sector.

Earlier today US President Donald Trump tweeted that Washington is "Getting VERY close to a BIG DEAL with China. They want it, and so do we!" Trump is expected to hold a meeting later in the day in order to further discuss the trade deal.

Breaking the News / TF