UPDATED 10:00 AM PST – Wednesday October 9, 2019
China may be open to a partial trade deal with the U.S. ahead of negotiations in Washington this week. A new report said Beijing is willing to discuss a smaller scale deal if President Trump vows not to impose additional tariffs.
This includes the tariff increases that are set to go into effect next week and in December. China would reportedly purchase an additional $10 billion of U.S. agricultural products in return.
In a Wednesday interview, Texas Senator Ted Cruz said he supports President Trump’s efforts to reform the trade relationship with China.
“I think trade with China is important,” said the senator. “China’s trade policies have for a long time not been fair and not been on an even or level playing ground.”
Earlier reports claimed Beijing has “low expectations” for this week’s meetings, but some believe China is looking to deescalate the trade war. The Financial Times reported China’s lead negotiator is “coming with real offers.”
“This would be a good time for any deal,” said China finance expert Eswar Prasad. “Both governments are under domestic political duress and each side could plausibly characterize even a modest deal as a win that helps to ease some of those pressures.”
The next round of talks is set to begin Thursday, October 10th in Washington.