AP Photo/Andy Wong
- Bloomberg News reported on Thursday that the US and China have hammered out unspecified terms of a so-called phase-one trade agreement.
- An initial pact had been announced in October but was not signed or even put to paper.
- The agreement suspended plans to extend punitive tariffs to virtually all imports from the second-largest economy.
- Visit Business Insider’s homepage for more stories.
President Donald Trump reportedly signed a trade deal in principle with China on Thursday, averting a planned escalation that would have extended punitive tariffs to virtually all imports from the second-largest economy.
Bloomberg News reported on Thursday that the two sides had hammered out unspecified terms of a so-called phase-one trade agreement that was announced this fall. The deal suspended scheduled duties on $160 billion worth of additional products, including smartphones, laptops, tablets, toys, and clothing.
Further details were not immediately available.
The White House declined to comment. The Office of the US Trade Representative did not respond to email inquiries. President Donald Trump said in October that China had agreed to make changes to the way it manages its economy, including through stricter intellectual-property rules and more accessible financial markets.
But those purported commitments were not initially put to paper. China has not publicly confirmed a steep quota for US agricultural purchases that has been touted by the Trump administration.
The Wall Street Journal reported hours earlier that US negotiators had offered to lower tariffs on $360 billion worth of products.
The Trump administration appeared sharply divided over the idea of tariff rollbacks last month. Some officials close to Trump, most notably the most hawkish White House trade adviser Peter Navarro, have argued import taxes should remain in place as a mechanism to enforce any trade agreement.
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