Chip Somodevilla | Getty Images News | Getty Images
Secretary of Commerce Wilbur Ross, US Trade Representative Robert Lighthizer, Treasury Secretary Steven Mnuchin, Director of National Economic Council Larry Kudlow and other Trump administration officials sit with Chinese Vice Premier Liu He (L), Governor of the Central Bank, Yi Gang 2. L) and other Chinese deputy ministers and high-ranking officials for negotiations in the Diplomatic Room of the Eisenhower Executive Office Building on January 30, 2019 in Washington, DC. The top sales representatives begin two days of personal trade talks to end a months-long trade war between the world's two largest economies. (Photo by Chip Somodevilla / Getty Images)
The trade agreement that US negotiators are seeking will have a few teeth if China backs its trade promises, as in the past, the New York Times reported.
American negotiators are now trying to get China to enforce its previous promises and commit itself to issues such as the protection of intellectual property and the limitation of state subsidies to exporters.
President Donald Trump has tempered his stance in the trade battle with China. He said he was open to the deadline if both sides could soon reach a trade agreement. The March 2 deadline is crucial for the negotiations, as US tariffs on Chinese goods will increase if no agreement is reached beforehand.
The stock market has risen this week as the two countries approached a comprehensive trade agreement. Trump's postponement of the March deadline also contributed to optimism.
When asked how the trading meetings in Beijing ended on Tuesday, Mnuchin said, "So far, so good".
– Click here to read this original report from the New York Times.