President Trump has agreed to a limited trade agreement with Beijing that will roll back existing tariff rates on Chinese goods and cancel new levies set to take effect Sunday as part of a deal to boost Chinese purchases of US farm goods and obtain other concessions, reported the Wall Street Journal.
Trump met top economic and trade advisers on the agreement for an hour Thursday, and senior administration officials were making calls to tout the outlines of an agreement, said WSJ sources. If confirmed, US trade representative Robert Lighthizer and Chinese Ambassador Cui Tiankai are expected to sign at least the outlines of a deal on Friday.
Michael Pillsbury, an adviser to the president, said he spoke with Trump, who said the deal calls for China to buy $50 billion worth of agricultural goods in 2020, along with energy and other goods. In exchange the US would reduce the tariff rate on many Chinese imports, which now ranges from 15% to 25%.
Should Beijing fail to make the purchases it has agreed to, original tariff rates would be reimposed.