China trade war: Tariff revenue reaches record $7.1B in September

United States President Donald Trump holds a letter from China's President Xi Jinping during a meeting with Chinese Vice Premier Liu He in the Oval Office at the White House

A person familiar with China's negotiating position said it was pressing Washington to "remove all tariffs as soon as possible".

China had been pressing the United States to remove tariffs on its goods as part of any deal.

The idea of a tariff rollback was not part of the original October "handshake" deal between Chinese Vice Premier Liu He and U.S. President Donald Trump, the sources said.

The prospect of an agreement sent stock markets soaring to all-time highs and prompted the International Monetary Fund (IMF) to say a deal easing trade tensions between the United States and China could persuade its officials to revise up forecasts for global growth next year. European shares and U.S. stock futures jumped. Ever since the USA fired the first shot in the trade war in July previous year, the two leaders have met face-to-face only at Group of 20 gatherings.

"In the past two weeks, top negotiators had serious, constructive discussions and agreed to remove the additional tariffs in phases as progress is made on the agreement", the spokesman Gao Feng said.

The Dow Jones Industrial Average rose about zero-point-7 percent to 27-thousand-674, . while the S&P 500 and the Nasdaq were up by roughly zero-point-3 percent each.

More complicated issues would be tackled in later negotiations, Ross said.

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Investors gave credence to the prospects for an agreement, despite many false dawns in the last six months, after Beijing's announcement was not denied by the White House.

Given repeated reversals in the more than year-long trade spat, investors are waiting for further confirmation of progress between the two sides. Wielding the pressure of tariffs, the USA is seeking to extract broader concessions that would force China to protect American companies from intellectual property theft and unfair competition.

The proportion of tariffs cancelled for both sides to reach a "phase one" deal must be the same, but the number to be cancelled can be negotiated, he added, without elaborating. That is depressing trade in goods from soybeans to medical equipment.

Stock markets rallied after Mr Gao's comments, the first concrete sign in months that not only is a partial deal between the world's two largest economies in sight, but also that the unwinding of punitive tariffs that have dragged global economic growth is on the table.

"Given President Trump's love of tariffs, the additional element (of tariff rollbacks) may increase the risk and prolong the phase-one negotiation", said OCBC Bank's head of Greater China research Tommy Xie. "But we remain cautious", said Louis Kuijs of Oxford Economics in a report.

Those issues include USA claims that China forces American companies to share intellectual property as a condition for doing business in the country, as well as allegations of Chinese industrial espionage. "But again we need to wait for the details".

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