The United States and China are close to reaching a trade agreement

The United States and China are about to reach an agreement to end the standoff launched last year by US President Donald Trump and have angered Beijing for imposing additional tariffs on imported Chinese goods, the Wall Street Journal reported on Sunday.

The paper quoted unnamed sources as saying that negotiations between the two sides have witnessed remarkable progress and that there is an agreement on the horizon.

The Wall Street Journal pointed out that Beijing is more likely to cut tariffs and lift other restrictions on agricultural and chemical imports and US vehicles.

China could also increase its purchases of US products, including natural gas from the Shiner Energy Group.

Washington is also ready to make concessions.

The Wall Street Journal said US authorities were not opposed to canceling most of the sanctions imposed on Chinese products last year.

But there are still obstacles, although it is not unlikely that an agreement will be announced at a March 27 meeting between US President Donald Trump and Chinese President Xi Jinping.