(Reuters) - The trade deal that the United States and China are crafting would give Beijing until 2025 to meet commitments on commodity purchases and allow U.S. companies to wholly own enterprises in China, Bloomberg reported on Wednesday, citing three unnamed people familiar with the talks.
Under the proposed agreement, China would commit by 2025 to buy more U.S. commodities, including soybeans and energy products, and allow 100 percent foreign ownership for U.S. companies operating in China as a binding pledge that can trigger retaliation from the U.S. if left unfulfilled, Bloomberg said, citing sources.
Trade talks between the two sides made “good headway” last week in Beijing and aim to bridge differences during talks that could extend beyond three days this week, White House economic adviser Larry Kudlow said earlier on Wednesday.
Negotiations are continuing in Washington after meetings last week in Beijing, spearheaded by U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin. Kudlow said Chinese vice premier Liu He and his team would remain in Washington for three days and possibly longer.
Officials from the United States and China are still discussing when the leaders of the two countries could sit down to sign off on their trade deal, Bloomberg said.
A meeting date between U.S. President Donald Trump and Chinese President Xi Jinping could be announced as early as Thursday, the report said.
Reporting by Rama Venkat in Bengaluru; Editing by Chris Reese