The trade deal that the US and China are crafting would give China time until 2025 to meet commitments on commodity purchases and allow American companies to wholly own enterprises in the Asian nation. Under the proposed agreement, China would commit by 2025 to buy more US commodities, including soybeans and energy products, and allow 100 per cent foreign ownership for US companies operating in China.

The limited time frame raises questions about how much a deal would reshape the longer-term economic relationship. While some progress is being made, resolving more contentious issues such as the forced transfer of technology is taking longer. The US is pushing for China to front-load a big chunk of the commodities purchases in the first two years the agreement is in place.

One of the key issues is what will happen to the tariffs the two sides have imposed about $360 billion of each other’s goods in the past nine months. At least some of the tariffs may stay in place. The text will also include benchmarks, likely set at 90 days and 180 days after signing, by which China is asked to fulfill key pledges. The US wants the right to take unilateral, proportional action against China if it fails to abide by the rules.