FILE PHOTO: U.S. President Donald Trump looks on during a meeting with China’s Vice Premier Liu He and U.S. Trade Representative Robert Lighthizer (R) in the Oval Office at the White House in Washington, U.S., February 22, 2019. REUTERS\/Carlos Barria\/File Photo<\/span><\/p>\n<\/figcaption><\/div>\n<\/div>\n WASHINGTON (Reuters) – U.S. President Donald Trump and Chinese President Xi Jinping could reach a formal trade deal at a summit around March 27 given progress in talks between the two countries, the Wall Street Journal reported on Sunday. <\/p>\n The two nations have imposed tit-for-tat tariffs on hundreds of billions of dollars worth of each others\u2019 goods, roiling financial markets, disrupting manufacturing supply chains and shrinking U.S. farm exports. <\/p>\n China would lower tariffs on U.S.-made goods including agricultural products, chemicals and cars in exchange for sanctions relief from Washington, the Journal said, citing people briefed on the matter on both sides. <\/p>\n The newspaper\u2019s sources cautioned that hurdles remain, and each side faces possible resistance at home that the terms are too favorable to the other side. <\/p>\n As a part of the deal there would be a $18 billion purchase of natural-gas from Houston-based Cheniere Energy Inc, the report said. <\/p>\n Cheniere declined to comment on the potential for a new LNG supply deal with China, a spokesman said. It last year signed a 20-year deal to supply state-run Chinese National Petroleum Corp (CNPC) with natural gas from its Louisiana export terminal through 2043. <\/p>\n The United States is working to hammer out a detailed trade agreement with China that will include specific structural commitments, U.S. Treasury Secretary Steven Mnuchin told CNBC on Thursday. <\/p>\n Last week, Trump said the U.S. could walk away from a trade deal with China if it were not good enough, even as his economic advisers touted \u201cfantastic\u201d progress toward an agreement to end the dispute with Beijing. <\/p>\n Reporting by Mike Stone in Washington and Gary McWilliams in Houston; Editing by Daniel Wallis<\/p>\n<\/div>\n<\/div>\n