Chinese officials have said in their talks that the U.S. would need to remove tariffs on $200 billion in Chinese goods to bring the deal to a close, Bloomberg reported.
"I think that it looks like Ambassador Lighthizer has made a lot of progress, and we might get there on China", Hassett said, adding that details of any deal were still being worked out.
"But we'll see", Trump said Thursday.
Carmen Jaspersen/dpa/picture-alliance/NewscomTariffs imposed by President Donald Trump during 2018 cost the US economy $6.9 billion last year-above and beyond the $12.3 billion paid by American consumers and importers to the federal government.
Asked during a congressional hearing last week whether a deal would see a lifting of US tariffs, Robert Lighthizer, the China hawk now leading the talks with Beijing, would say only that was China's desire.
Still, the US president has repeatedly delayed implementing higher duties on goods to give the two sides more time to strike a broad deal. A deal could be signed by the end of March.
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Last week, U.S. Trade Representative Robert Lighthizer said the provisions involving protecting intellectual property total almost 30 pages out of a working document of more than 100 pages.
Trump's team is asking China to give up its right to retaliate should the USA take action unilaterally. Senate Minority Leader Chuck Schumer last week urged Trump to hold out until he gets a deal that addresses structural issues in China's economy.
Trump a week ago delayed a tariff increase on $200 billion in Chinese goods that was previously scheduled to take place on Saturday, citing progress in the talks. Trump has explicitly credited the tariffs with helping negotiate the new United States-Mexico-Canada Agreement (USMCA), a more protectionist replacement for the North American Free Trade Agreement (NAFTA), and has made it obvious that he believes tariffs on Chinese goods will pave the way to a new trade deal with China.
Lighthizer has said the two countries plan to set up a system that requires regular consultations at various levels of the US and Chinese governments to address irritants.
An economic white paper is unlikely to sway Trump's opinion about tariffs-he's the Tariff Man, after all-but this analysis is the most comprehensive summary yet of the ongoing costs of the White House's misguided protectionism.