President Trump says US, China have reached deal; Sunday tariffs off
WASHINGTON — President Donald Trump says the U.S. has canceled plans to impose new tariffs on $160 billion worth of Chinese imports Sunday.
Scraping those looming trade penalties is part of a modest interim agreement that de-escalates a 17-month trade war between the world’s two biggest economies.
The United States is also reducing existing import taxes on about $112 billion in Chinese goods. Trump says that in return, the Chinese have agreed to “massive” purchases of American farm and manufactured products.
A Chinese official says Beijing is ready to work with the U.S. “to do more to promote growth in trade.”