The United States and China have reached a “Phase-One” trade deal in principle.
At 2:30 p.m. Trump was scheduled to meet with his top trade advisors to prepare for the meeting. Republican Senator John Cornyn told reporters that U.S. Trade Representative Robert Lighthizer said announcements were possibly imminent on U.S. tariffs.
The U.S. negotiations are offering to reduce tariffs on nearly $375 billion in Chinese goods by 50%. Two people close to the situation have reported that on Sunday tariffs on $160 billion in Chinese goods will be put into effect.
This is great news The United States and China are two global powerhouses that are coming together and showing the world we can compromise.
(Cover photo courtesy of Reuters, source Reuters)