WASHINGTON, Dec 12 — US officials have offered to cancel December 15 tariffs and slash existing duties on about US$360 billion (RM1.5 trillion) in Chinese goods in exchange for concessions from Beijing to ease the trade conflict between the two economic powers, The Wall Street Journal reported today.

And with the deadline looming for a new round of punitive levies, the officials offered to cancel the 10 per cent tariffs on US$160 billion in goods set to hit Sunday, the report said, citing people briefed on the talks.

Washington offered cut existing tariffs by as much as half but is demanding that China buy a large amount of US farm goods and other products, better protect American technology and open the Chinese financial services sector, according to the report.

If China fails to comply, the tariffs would revert to the original level.

President Donald Trump said Thursday the sides are very close to a deal. — AFP