WASHINGTON — President Trump said Friday the government had reached a “phase one” trade agreement with China and won’t be moving forward next week with the scheduled tariff increase to 30% on some $250 billion in imports.
In return, China has agreed to buy $40 billion to $50 billion in U.S. agricultural products, according to a New York Times report. It also agreed to some provisions on intellectual property that would give U.S. financial service companies greater access to the Chinese market, and agreed to guidelines on how it manages its currency.
Trump said the two sides reached a verbal agreement that would take several weeks to write out but that the two sides could sign something formal next month, according the report. Treasury Secretary Steven Mnuchin said the parties have “a fundamental agreement on the key issues,” but there remains significant work to do.
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