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Trump says U.S. and China have reached deal, planned tariffs off

WASHINGTON — President Donald Trump said Friday that the U.S. and China have reached a Phase 1 trade deal, de-escalating a 17-month dispute between the economic powers.

The U.S. is dropping plans to impose tariffs Sunday on $160 billion in Chinese imports and is reducing some existing tariffs on Chinese goods. In return, Trump said, the Chinese have agreed to “massive” but unspecified purchases of American farm and manufactured products.

THIS IS A BREAKING NEWS UPDATE. AP’s earlier story follows below.

Expectations for a U.S.-Chinese trade truce rose Friday, though Beijing accused Washington of unfairly attacking its economy and said a settlement to their costly, 17-month-old conflict must be “mutually beneficial.”

A senior Trump administration official said an announcement regarding China would take place Friday. The official spoke on condition of anonymity to discuss internal planning.

A “deal is close,” said Myron Brilliant, the U.S. Chamber of Commerce’s head of international affairs, who was briefed by both sides.

Brilliant said the Trump administration agreed to suspend a planned tariff increase on $160 billion of Chinese imports due to take effect Sunday and to reduce existing tariffs, though it wasn’t clear by how much.

In return, Beijing would buy more U.S. farm products, increase Americans companies’ access to the Chinese market and tighten protection for intellectual property rights.

The interim “Phase 1” deal, which doesn’t appear to cover major U.S.-Chinese disputes, awaits final approval from President Donald Trump. Trump did not comment to reporters on the talks late Thursday when returning to the White House.