China and the United States announced a deal to expand the Information Technology Agreement, which will lower tariffs on a wide range of technology products, The Wall Street Journal reported. The new deal includes 200 different tariff categories, including the elimination of tariffs as high as the 25% rate on next-generation semiconductors. The agreement still needs to be ratified next month by the World Trade Organization, and the two sides continue to debate how rapidly the tariff reductions will be implemented, but if successful the deal would eliminate tariffs on roughly $1 trillion of sales and generate as many as 60,000 U.S. jobs, according to U.S. Trade Representative Michael Froman.