REUTERS/Kevin Lamarque
- President Donald Trump confirmed Friday that the US has agreed to lower tariffs against China as part of an interim trade agreement.
- China had announced moments earlier that the two sides had reached the text of a so-called phase one deal.
- As part of the agreement, Trump said the US would lower the tariff rate on China to 7.5% from 25% and cancel plans to hit virtually all imports from that country on Sunday.
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President Donald Trump confirmed Friday that the US has agreed to lower tariffs against China as part of an interim trade agreement and that further escalations would be suspended.
China announced moments earlier that the two sides had reached the text of a so-called phase one deal, which could pave the way for a broader pact to defuse a 19-month trade dispute between the largest economies.
"We have agreed to a very large Phase One Deal with China," Trump wrote on Twitter. "They have agreed to many structural changes and massive purchases of Agricultural Product, Energy, and Manufactured Goods, plus much more."
As part of the agreement, Trump said the US would lower the tariff rate on a tranche of Chinese products to 7.5% from 15% and cancel plans to target virtually all imports from that country on Sunday.
This story is developing. Please check back for updates.