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. 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.
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