Trump will not impose new tariffs on an additional $160 billion of Chinese imports that were scheduled to take effect this weekend.
President Trump will not impose new tariffs on an additional $160 billion of Chinese imports that were scheduled to take effect this weekend, after tentatively signing off Thursday on a so-called phase-one trade agreement with Beijing, according to an administration official close to the process.
Trump met in the afternoon with U.S. Trade Representative Robert Lighthizer, who presented the outlines of the partial deal, according to the official. The president approved. There was no confirmation from the Chinese, although officials have spoken more optimistically in recent days of their talks with the U.S.; they are expected to comment on the trade talks overnight and could confirm a deal on Friday.
Over the last 18 months, Trump has slapped tariffs of between 15% and 25% on about $360 billion of products imported from China, prompting retaliation from Beijing that has caused a chill in investments at many businesses. China experts reacted cautiously to word that there was a firm agreement on a phase-one deal, given a history of prior deals that did not materialize and tariff truces that proved short-lived.
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