China and the U.S. have agreed on the text of a phase one trade deal, which will see the removal of tariffs on Chinese goods in stages, Vice Commerce Minister Wang Shouwen said, as U.S. President Donald Trump announced some reduction in tariffs.
China will increase imports from the U.S. and other countries, Wang said at a briefing in Beijing Friday. The comments are China’s first response to a deal signed off by Trump on Thursday that would halt higher tariffs planned for Dec. 15 and represent the first phase in defusing the trade war that’s shaken the global economy.
