The report was released two days after US President Donald Trump said he would delay a planned further hike in tariffs on Chinese goods this week after he and Beijing hailed "substantial progress" in trade negotiations.
The two countries have been making progress nailing down text in the form of Memoranda of Understanding in six areas: non-tariff barriers, forced technology transfers, intellectual property, cyber theft, agriculture and currency, according to public statements from both countries.
US and Chinese trade negotiators meeting in Washington, D.C. last week. On Sunday, the president did not indicate a new date on which he might potentially impose the additional tariffs.
So far, the U.S. has imposed tariffs on Dollars 250 billion worth of Chinese goods.
Some have expressed concerns that after almost eight months of tit-for-tat tariffs roiling global financial markets, disrupting manufacturing supply chains, and shrinking USA farm exports, Trump could end up settling for a deal that increases commodity sales to Beijing while doing little to change China's underlying trade practices and industrial policies.
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As President Donald Trump looks to finalize a trade agreement with China - he tweeted on February 25 that a deal was in its "advanced stages" - one thing he should be sure to gain concessions on is the cost advantage Beijing possesses because of the excessive regulatory environment in Washington, D.C.
The U.S. Trade Representative's office plans to issue a formal order this week to delay the rise in tariffs.
Trump tweeted on February 24 that the USA and China had made "substantial progress" during last week's negotiations, which prompted the decision to extend the deadline.
USA stock futures climbed in Asian trading Monday following the news, while the offshore yuan extended gains and the yen - which typically weakens when investors' appetite for risk grows - edged lower. China had all but halted purchases of US soybeans, which were the single biggest USA agricultural export, worth around $12 billion in 2017. "I think it's going to happen, and it could happen fairly soon". But administration officials have provided no details, and business leaders who have been briefed on the talks say a yawning gap still separates the two sides.
Even if the two sides reach a compromise on trade, relations also are strained by disputes over technology, investment, and geopolitics. There was no daylight between the two men, the source said.
The source familiar with the talks played down the apparent tension between the top trade negotiator and the president, saying Trump, a former NY businessman, had viewed MoUs from a real estate perspective, while Lighthizer had done so from a trade perspective.