The United States and China appeared close to a trade deal on Thursday.
U.S. President Donald Trump posted on Twitter that the US was “very close” to a “big deal” with China. “They want it, and so do we,” Trump said.
U.S. negotiators have apparently offered to cut tariffs by 50% on Chinese goods worth $360bn, the Wall Street Journal reports. That includes a delay on tariffs on $156bn worth of consumer electronics and toys that was due to kick in on Sunday, Dec. 15.
Companies were expecting to pay an additional 15% tax on Chinese imports, which includes US products made in China. Trump signed off the preliminary deal in exchange for a Chinese promise to purchase American farm goods, US officials said.