U.S. negotiators have reached the terms of a phase-one trade deal with China that now awaits President Donald Trump’s approval, according to people briefed on the plans.
The deal being presented to Trump includes a delay in the Dec. 15 new round of tariffs, a schedule for a rollback of some of the existing ones and a promise by the Chinese to buy more U.S. agricultural goods, according to the people. The terms have been agreed but the legal text has not yet been finalized, people said.
Trade advisers met with the president on Thursday afternoon to discuss the pact and an announcement could come by day’s end, the people said. A White House spokesperson declined to comment.
The administration has reached out to allies on Capitol Hill and in the business community to issue statements of support once the announcement is made, they said.
U.S. stocks rose and Treasury yields spiked on the news. Earlier Thursday, Trump tweeted that the U.S. and China are “VERY close” to signing a “BIG” trade deal, also sending equities higher.
“They want it, and so do we!” he tweeted five minutes after equity markets opened in New York, sending stocks to new records. Read more at Bloomberg