US, China closing in on a trade deal

Senior White House economic adviser Larry Kudlow speaks during a briefing at the White House in Washington

U.S. and Chinese officials "have conducted fruitful and intensive consultations and made important progress on many issues of common concern", Zhang Yesui, a spokesman for the National People's Congress said in Beijing.

The largest percentage gainers in the main Shanghai Composite index were Shanghai Feilo Acoustics Co Ltd, up 10.13 percent, followed by Sichuan Hongda Co Ltd, gaining 10.12 percent and Sichuan Changhong Electric Co Ltd, up by 10.1 percent.

President Donald Trump's trade war cost American businesses and consumers $3 billion a month previous year in higher prices, according to a study by top economists.

"We find that the USA tariffs were nearly completely passed through into USA domestic prices, so that the entire incidence of the tariffs fell on domestic consumers and importers", they concluded.

Speaking at a daily news briefing in Beijing on Tuesday, Chinese foreign ministry spokesman Lu Kang said he hoped the lawmakers would "respect the facts" and "refrain from smears and actions that could damage the China-U.S. relationship".

"While we have all these great headlines about what could be achieved under a US-China trade agreement, we're still a little way away", said Kerry Craig, JP Morgan's global market strategist. "It's pretty unclear that this trade war is a net win for the economy at this point".

China is offering to lower tariffs on US farm, chemical, auto and other products as part of a trade deal that is nearing completion, a new report says.

More news: Caspian Countries Offer Support To End India & Pakistan Dispute

On its face, the mechanism looks similar to previous negotiating efforts the US and China used to discuss trade issues-and that the Trump administration said it would abandon because they haven't been successful in getting Beijing to make the required changes to its trade policies.

Many details still needed to be worked out, including the terms of an enforcement mechanism to ensure that Beijing follows through on pledges to make changes to policies to better protect USA intellectual property, end forced technology transfers and curb industrial subsidies. As part of the potential agreement, China would lower tariffs on agricultural products.

Ahead of a busy week of data releases and expected markets-moving events including the latest Brexit developments, indices got off to a positive start as investors cheered reports saying that the tariffs stand-off between the world's top two economies might soon be resolved.

In addition to their trade disputes, China and the U.S. have also confronted each other in the contested waters of the South China Sea and in technology. "He can afford to alienate business with a little tough love on China", Cramer said. The president has twice delayed more than doubling duties on goods to give the two sides more time to strike a broad trade deal.

Dates for a summit between President Donald Trump and counterpart Xi Jinping have yet to be agreed, according to officials from both countries who declined to be named.

A representative for the White House said they had no comment on the ongoing negotiations.

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