The United States and China agreed on Friday to the first phase of a deal to end a trade war, prompting President Donald Trump to suspend a threatened tariff hike, but officials said the agreement had to be put on paper and more work was required to get it finalised.
The partial accord, covering agriculture, currency and some aspects of intellectual property protections, represented the biggest step toward resolution of a 15-month tariff war between the world’s two largest economies that has hit financial markets and slowed global growth.
The announcement did not include many details, however, and Trump said it could take up to five weeks to get the deal written. “We will not sign an agreement unless we get and can tell the president that this is on paper,” U.S. Treasury Secretary Steven Mnuchin said as the two sides gathered with Trump at the White House. Read more