The United States and China agreed on the outlines of a partial trade accord Friday, which President Donald Trump said he and his counterpart Xi Jinping could sign as soon as next month.
As part of the deal, China would significantly step up purchases of U.S. agricultural commodities, agree to certain intellectual-property measures, and make concessions related to financial services and currency, Trump said Friday at the White House. In exchange, the U.S. will delay a tariff increase due next week as the deal is finalized, though new levies scheduled for December haven't yet been called off.
The agreement marks the largest breakthrough in the 18-month trade war that has hurt the economies of both nations. Importantly, Trump said the deal was the first phase of a broader agreement. The president indicated he could sign a deal with Xi at an upcoming November summit in Chile.
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