By Brendan Murray

Chinese Vice Premier Liu He looks within reach of securing a short-term win for Beijing in getting the U.S. to agree to ease up on tariffs. But he’ll have one last gauntlet to run later Friday: the Oval Office with President Donald Trump.

The storied office space of American presidents in the West Wing of the White House has for its current occupant provided a multitude of colorful situations, including the times when trade is the topic.

So will Liu find some redemption after more than a year of mostly fruitless effort? Seems possible, but that will depend largely on Trump.

The world’s two largest economies do appear close to a deal on noncontroversial matters. China wants a U.S. tariff ceasefire and an easing of American restrictions on Huawei. In return, Washington is seeking pledges from Beijing to buy more agricultural commodities, refrain from currency manipulation and open domestic industries to more foreign ownership.

Saved for a later date will be the bigger issues that Trump campaigned for and the reasons he started a trade war in the first place: U.S. accusations of intellectual-property theft, forced technology transfer and complaints about Chinese industrial subsidies.

The English-language newspaper China Daily said Liu left Thursday “with a smile.” What really matters next is whether he’s still grinning after the Friday afternoon show in the Oval.

Charting the Trade War

European companies operating in China are increasingly choosing to reshuffle supply chains rather than shoulder the pain from higher tariffs.

Coming Up

--With assistance from James Mayger.

To contact the author of this story:

Brendan Murray in London at [email protected]

To contact the editor responsible for this story:

Zoe Schneeweiss at [email protected]

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