(Photo by Brendan Smialowski / AFP)
(Photo by Brendan Smialowski / AFP)

Washington: The US and China are close to striking a “monumental” trade deal in the next four weeks, President Donald Trump has said, a view concurred by his Chinese counterpart Xi Jinping, generating optimism that the bruising trade war between the world’s two largest economies may end soon. Trump’s positive comments came as top Chinese and US officials are meeting in Washington to reach an agreement after the two trading powers entered into a trade war and imposed tariffs on more than $ 360 billion in two-way trade.

Trump has been accusing China of indulging in unfair trade practices, like the theft of US technology and massive state intervention in markets, contributing to the huge trade deficit amounting to USD 375 billion. Trump is demanding China to reduce the USD 375 billion trade deficit and protection of Intellectual Property Rights (IPR), technology transfer and more access to American goods to Chinese markets.

Last week, negotiators from both the countries met in Beijing to resolve the nine month-long trade war. “The deal is coming along really well. We’ll probably know over the next four weeks. It may take two weeks after that to get it papered, but I really think that, over the next fairly short period of time, we’re going to know,” Trump told reporters in the Oval Office of the White House during his meeting with the visiting Chinese Vice Premier Liu He. Responding to a question if he was looking forward to meet Chinese President Xi, Trump said the summit would take place only if the trade deal is finalised.

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