US reaches deal in principle on trade with China: source

US reaches deal in principle on trade with China: source

The United States has reached a "phase-one" trade deal in principle with China, a source briefed on talks between the two nations said on Thursday, saying a statement from the White House was expected soon.

FILE PHOTO: U.S. President Donald Trump and China's President Xi Jinping shake hands in Beijing
FILE PHOTO: U.S. President Donald Trump and China's President Xi Jinping shake hands after making joint statements at the Great Hall of the People in Beijing, China, November 9, 2017. REUTERS/Damir Sagolj

WASHINGTON: The United States has reached a "phase-one" trade deal in principle with China, a source briefed on talks between the two nations said on Thursday, saying a statement from the White House was expected soon.

Trump was scheduled to huddle with his top trade advisers at 2:30 p.m. (1930 GMT) on Thursday. Ahead of the meeting, U.S. Trade Representative Robert Lighthizer told senators that announcements were possibly "imminent" on U.S. tariffs, senior Republican Senator John Cornyn told reporters.

Bloomberg News was first to report a deal in principle had been reached.

U.S. negotiators have offered to reduce tariffs on about US$375 billion in Chinese goods by 50per cent across the board, two people familiar with the negotiations said, and suspend tariffs on US$160 billion in goods scheduled to go into effect on Sunday.

(Reporting by Andrea Shalal; Editing by Tim Ahmann and Chizu Nomiyama)

Source: Reuters

Bookmark