US and Chinese negotiators have agreed in principle to the “phase one” trade deal, according to a person familiar with the talks.
President Donald Trump’s trade team was due to brief the President on the agreement during a mid-afternoon meeting at the White House. He will need to sign off on the plan before it’s final.
Trump had already announced the broad contours of the “phase one” deal in October, and the two sides have been haggling over specifics since then. The “phase one” deal does not address the major structural changes to China’s economy that Trump has sought.
Any deal would likely avert a new round of US tariffs hitting about $160 billion in Chinese-made consumer electronics and toys that are due to take effect December 15.