China Announces Trade Agreement With Trump

The Wall Street Journal reports:

The U.S. and China have reached a preliminary agreement in their long-running trade war, President Trump and China’s Vice Minister of Commerce Wang Shouwen said in separate statements Friday.

Mr. Trump tweeted that the two sides had agreed “to a very large Phase One Deal with China,” adding that the 25% tariffs on Chinese imports would remain but that the 15% levies on other goods would be cut in half.

A new round of tariffs slated to take effect on Sunday will not go into effect, Mr. Trump said, citing Friday’s agreement, adding that the two countries would immediately begin negotiations on more contentious issues.