The United States and China have reached a phase-one trade deal, according to Bloomberg News.
The deal is one in principle and will still need to be signed off on by US President Donald Trump, the US media house reports. Advisors are currently meeting with Trump to discuss the agreement.
The potential deal signals process in the protracted negotiations in the near two-year-long trade war between the economic superpowers.
“They want it and so do we!”– US President, Donald Trump
Earlier today, Trump tweeted that they two nations were close to a deal saying “They want it and so do we!” It isn’t the first time Trump has said they were nearing an agreement, despite difficulties by negotiators to close the deal. However, CNBC reports that multiple sources close to the discussions have echoed that there is now a deal in principle.
A deal would displace the impending 15 per cent duty on some US$160 billion in Chinese goods which is scheduled to take effect this Sunday, December 15.
CNBC reports that Washington offered to do away with those duties and cut current tariffs by half.
Some experts have said that a possible announcement could come as early as today.