What Happened: The United States and China are reportedly close to finalizing a trade deal after both sides seemed to agree on a broad schedule to remove certain tariffs, Politico reported May 1.
Why It Matters: The potential trade deal between both countries would provide a roadmap for mutual tariff reduction. However, it would likely keep a number of import protections in place, which raises uncertainty over China's willingness to reciprocate by removing its own import tariffs on U.S. goods.
Background: Beijing and Washington will participate in two more rounds of trade talks to set the stage for a potential meeting between Chinese President Xi Jinping and U.S. President Donald Trump to formally sign a deal.
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