Negotiators frantically trying to wrap up talks before a March 1 deadline after which USA tariffs on Chinese goods will rocket from 10 percent to 25 percent.
The United States and China are reportedly working on a list of commitments to end their trade war.
Negotiators are drawing up six memorandums of understanding on structural issues: forced technology transfer and cyber theft, intellectual property rights, services, currency, agriculture and non-tariff barriers to trade, according to two sources reported by Reuters. Beijing retaliated with levies on $110 billion in U.S. goods.More news: Walmart to hold ‘Baby Savings Day’ on Saturday
According to a source, "core demands" of both countries are still being narrowed and Chinese commerce ministry spokesman Gao Feng declined to comment on the MOUs.
China won't resort to currency depreciation for competitive purposes in trade and hopes the USA can respect market rules and not politicize currency issues, Geng Shuang, a foreign ministry spokesman, said at a routine press briefing.
While President Trump has been most vocal on bilateral trade deficit with China, the US has numerous issues with China's economic and trade policies, and the administration is pushing for what it terms "fair and reciprocal" trade. Since the tariff truce agreed in December it has resumed imports of some farm products and a deal may see a substantial increase in that trade.More news: Scotland lose Finn Russell to injury ahead of France clash
Washington has repeatedly accused Beijing of stealing trade secrets, forcing foreign companies to hand over technology as the price of access to the Chinese market, and subsidizing its own tech companies.
America wants regular reviews of China's progress on trade reforms, threatening to reinstate mammoth tariffs if it believes Beijing has not kept up on its pledges. In addition, while the government promised to treat foreign, private Chinese companies or state-owned enterprises equally for regulatory purposes late previous year, there are still areas of the economy that are off-limits to foreign investment.More news: Another Aston Martin Hypercar In The Works, Code-named Project 003