The US looks like it may back down on China tariffs - just as Trump needs a win on trade

• Multiple reports suggest that the US could back down on tariffs on China.
• Reuters and Bloomberg reported that China is pushing the US to roll back tariffs on about $360 billion worth of goods, including removing the tariffs due to go into place on December 15.
• The Financial Times reported that the White House is considering a rollback on tariffs that went into place September 1, on clothes and consumer appliances.
• "If all of this is accurate, the US has blinked," says one analyst.
• "At a time of impeachment fears, Trump could do with a win on trade soon," he said.
• View Business Insider's homepage for more stories.

The US could be close to removing tariffs on Chinese goods - a major step in ensuring a partial trade deal is reached.

According to both Reuters and Bloomberg, China is pushing the US to roll back tariffs on roughly $360 billion worth of goods, with both news outlets citing people familiar with the situation.

Bloomberg reported that Chinese officials asked the US to remove the $110 billion worth of tariffs that went into place September 1 and lower the 25% tariff on $250 billion worth of goods that were put in place in 2018.

If US officials agree, they would give in to a key demand from China and overcome a big hurdle in negotiations. In return, China would remove some of the tariffs put on American farm goods.

"When the US blinks, the world takes notice," said Neil Wilson, chief markets analyst at Markets.com. "If all of this is accurate, the US has blinked. It seems that tariffs are hurting voters in some important states. And at a time of impeachment fears, Trump could do with a 'win' on trade soon."

Meanwhile, Reuters reported that negotiators pushed the Trump administration to remove tariffs that are due to go in place December 15 on about $156 billion worth of goods such as phones, laptops and toys, right in time for Christmas.

"Trade consultations have made progress and are advancing in accordance to plan," Geng Shuang, a spokesman at the Chinese foreign ministry, told reporters at a regular briefing in Beijing, according to Reuters. "Adding tariffs is not the correct way to resolve trade issues."

The Financial Times, citing sources familiar, said that the US is considering a rollback on tariffs - a significant step for negotiations. The paper said that the Trump administration was considering to withdraw $112 billion worth of tariffs, mainly on clothing and consumer appliances, that went into effect September 1, according to five different sources who were briefed on discussions.

However, significant stumbling blocks remain - including intellectual property rights, a key part of negotiations. And a face to face meeting between Trump and Xi is in doubt, due to a now called-off meeting in Chile that would have taken place later this month.