U.S, China near deal that would suspend planned tariffs

The Trump administration and China are close to finalising a modest trade agreement that would suspend tariffs that are set to kick in Sunday, de-escalating their 17-month trade war.

"We're close to a deal,' said Myron Brilliant, the U.S Chamber of Commerce's head of international affairs, who has been briefed by both sides.

Brilliant said the administration has agreed to suspend Trump's plans to impose tariffs on USD 160 billion in Chinese imports on Sunday and to reduce existing tariffs, though it wasn't clear by how much.

In return, Beijing would buy more U.S farm products, increase Americans companies' access to the Chinese market and tighten protection for intellectual property rights.

The deal awaits final approval from President Donald Trump.

Trump took to Twitter early on Thursday to declare: Getting VERY close to a BIG DEAL with China. They want it, and so do we!"'