Potential US China trade deal would remove tariffs

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Tariff reductions in the preliminary deal, which has not yet been confirmed by the American side, could amount to a bargaining win for Beijing.

The two leaders were expected to sign a partial trade deal that the United States and China reached in ministerial-level talks last month.

"The trade war began with tariffs and should end with the tariff withdrawals", said Gao.

The data released also showed the "devastating impact" of China's retaliatory tariffs on USA exports, the group said, noting that the September data shows that exports to China that are subject to retaliatory tariffs are down almost 30 percent from pre-trade war levels.

Reports say Presidents Trump and Xi are considering to meet in the usa and in Europe.

China's latest push for more tariff rollbacks would be discussed, but was not expected to derail progress toward an interim deal.

Experts said the announcement that existing tariffs would be rolled back in stages was a positive development, but cautioned against over-exuberance, given the repeated reversals in the 19-month-long trade war.

President Donald Trump agreed to postpone a deliberate tariff hike whereas lower-level officers hammered out particulars.

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China and the United States have agreed to proportionally roll back tariffs on each other's goods in phases, a Ministry of Commerce spokesman said.

There had been no indication whether or not Trump may agree, which raised the potential of one other breakdown in negotiations. Energy stocks jumped 1.1 percent.

"The trade war started with tariffs, and should end with the cancellation of tariffs", Gao said according to Reuters .

While no specifics have been released, the statement gives hope to investors and companies reliant on trade with China after concerns over China's push against tariffs had many fearing talks would be shut down as a result.

"This is what we're trying to do, not only perfecting our expanding trade relations with China but also recovering some lost time in economic relations with the USA", he added.

News reports said Beijing wants 15% tariffs imposed in September on 125 billion dollars of Chinese imports removed before it will make a formal commitment.

China's imports of American soybeans and different items tumbled 26.4% within the first 9 months of this yr following tariff hikes and orders to importers to seek out different suppliers.

Ross, who is travelling in Asia, did not directly say if rolling back tariffs was a possibility in the Phase 1 talks.