“We have reached a very substantial first-phase agreement,” President Trump told reporters at the White House after a meeting with Chinese Vice Premier Liu He.
The deal includes China’s agreement to buy $40 billion to $50 billion worth of U.S. agricultural products and a commitment to open up more to international financial services, Trump said, adding that the pact will be finalized in three to five weeks.
As part of the partial agreement, the White House has decided not to proceed with its plan to raise tariffs by 30% on Chinese products worth $250 billion next week.
The two sides discussed progress in several other areas without providing specific details, including the possibility of reaching an agreement on intellectual property protections and currency manipulation. U.S. Trade Representative Robert Lighthizer also said the president has not yet decided whether to follow through on other tariffs that are expected to be imposed in December.
The partial agreement should pave the way for a more comprehensive negotiation between Washington and Beijing.
According to US media, Trump and Chinese President Xi Jinping could meet to finalize such an agreement in Chile at an Asia-Pacific leaders’ summit in mid-November.