China, White House and Trade Deal
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The White House announced a "China trade deal" in a May 11 statement, but did not disclose details. The apparent agreement came together sooner than most observers expected after Trump's 145% tariffs on Chinese imports virtually halted $600 billion in annual trade between the world's two largest economies.
The White House backed off from the steepest levies, as the costs of an all-out trade war with China threatened global economic growth.
The White House said it was announcing a trade deal without providing any details. Representatives from the U.S. and China had been meeting in Switzerland.
The US has confirmed it has struck a trade deal with China following crunch talks that took place in Switzerland over the weekend. In a White House press release, Treasury Secretary said the two sides had made "substantial progress" in the "very important trade talks. Full details or the US-China trade deal are expected to be revealed on Monday.
US officials met with their Chinese counterparts for the first time on Saturday to go head-to-head over President Trump’s tariff war.