"China has been very insistent that existing tariffs must be done away with in any deal, so the announcement shows the USA giving way in the face of Beijing's core interests", said Dr Huo, who is vice-chairman of the China Society For World Trade Organisation Studies.
If confirmed by the US, such an understanding could help provide a road-map to a deal de-escalating the trade war that's cast a shadow over the world economy.
The Dow Jones Industrial Average rose about zero-point-7 percent to 27-thousand-674, . while the S&P 500 and the Nasdaq were up by roughly zero-point-3 percent each.
Citing a senior Trump administration official, Reuters on Wednesday reported that the meeting between US President Trump and his Chinese Counterpart Xi could be delayed until December as discussions continue over terms and venue. -China trade war, though experts warn that a final deal isn't over the finish line.
The US has yet to respond to Beijing's latest announcement.
People familiar with the negotiations said on Monday that China has been pushing Trump to remove more tariffs imposed in September as part of the first phase of the deal.
"Both sides have agreed to cancel additional tariffs in different phases, as both sides make progress in their negotiations".
Other sites are possible in Europe and Asia, but the former is more likely, with Sweden and Switzerland among the possibilities.
"There was a study done by one of the European think tanks that said of the 25 percent [tariff], 20.4 or thereabouts had been absorbed on the Chinese side, either through the deterioration in currency or through prices, and only about 4.5 percent was absorbed on the USA side", Commerce Secretary Wilbur Ross told Gerry Baker during an interview on FOX Business' "WSJ at Large". U.S. Commerce Secretary Wilbur Ross floated Hawaii and Alaska, two states closer to China. But China is hesitant considering a no-deal summit in Trump's backyard would inflict significant damage on Xi's standing.
An global gathering would cushion the blow of a fruitless bilateral summit since both Xi and Trump could plausibly claim that they merely talked on the sidelines.
While the US may be seeing record revenue from the tariffs, it may not last.
Trump is calling for $50 billion in annual imports within two years. Beijing has yet to confirm the scale of its commitment.
Over the past year and a half, the US and China have imposed new duties on billions of dollars in items coming from both countries.