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Photo: Thomas Peter - Pool/Getty Images

Both the Wall Street Journal and Bloomberg have stories suggesting that the U.S. and China may reach a deal during the dinner between President Trump, General Secretary Xi and their respective teams.

Driving the news: Outlines of this supposed deal have been discussed for weeks, mainly because it is perhaps the only possible arrangement the two sides can agree to right now.

According to the WSJ:

  • "The U.S. and China ... are exploring a trade deal in which Washington would hold off on further tariffs through the spring in exchange for new talks looking at big changes in Chinese economic policy..."
  • "New talks would focus on what both sides are calling trade 'architecture,' a broad term that could encompass many issues the U.S. has wanted Beijing to address, including intellectual property protection, coerced technology transfer, subsidies to state-owned enterprises, and even non-trade issues such as cyberespionage."

Bloomberg reported that:

  • "Those discussions... have centered on the possibility of a truce in which the U.S. would delay ramping up tariffs on China in exchange for Chinese concessions."
  • "The two leaders would also agree on a 'framework' for further talks, U.S. officials such as Commerce Secretary Wilbur Ross have said publicly.
  • "The two sides have also been eyeing a possible mid-December trip to Washington by Liu He, Xi’s top economic adviser, according to two people familiar with the discussions. But whether that visit actually takes place would depend on a positive outcome in Buenos Aires."

The big picture: A tariff ceasefire in exchange for some big PRC purchases of U.S. goods and a framework for months of talks would probably make the financial markets and Beijing quite happy.

The bottom line: But all of the reports in the run-up to the dinner are really just speculation at this point. It will come down how Trump and Xi are feeling during the meeting.

Go deeper:

Go deeper

Mike Allen, author of AM
2 hours ago - Politics & Policy

Fauci fires back at Rand Paul for slam on tonight's "Axios on HBO"

Responding to charges by Sen. Rand Paul on Sunday's "Axios on HBO," NIAID director Anthony Fauci told "ABC This Week" that it's "molecularly impossible" for U.S.-funded bat virus research in China to have produced COVID-19.

Why it matters: The issue 0f Wuhan research was reignited on the right last week with a National Institutes of Health letter to Congress disclosing more about the research.

Manchin, Schumer huddle with Biden in Delaware to discuss spending bill

Senate Majority Leader Chuck Schumer (L) and Sen. Joe Manchin (R) at the U.S. Capitol on Nov. 13, 2014. Photo: Win McNamee/Getty Images

Sen. Joe Manchin (D-W.Va.) will meet with President Biden and Senate Majority Leader Charles Schumer (D-N.Y.) on Sunday morning in Delaware as Democrats look to reach an agreement on the massive spending measure.

Driving the news: Democrats are still negotiating what to keep in the bill and how to pay for it, with Biden saying on Thursday that the party does not have the votes to raise the corporate tax rate.

4 hours ago - Technology

Scoop: Facebook exec warns of "more bad headlines"

Illustration: Megan Robinson/Axios

In a post to staffers Saturday obtained by Axios, Facebook VP of global affairs Nick Clegg warned the company that worse coverage could be on the way: “We need to steel ourselves for more bad headlines in the coming days, I’m afraid.”

Catch up quick: Roughly two dozen news outlets had agreed to hold stories based on leaked materials from Facebook whistleblower Frances Haugen for Monday publication — but the embargo fell apart Friday night as participating newsrooms posted a batch of articles ahead of the weekend.

You’ve caught up. Now what?

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