U.S., China make progress on trade deal

WASHINGTON—New tariffs on Chinese goods will not take effect Sunday as planned after China and the United States agreed on wording for the first phase of a trade deal. President Donald Trump on Friday tweeted he thought it was an “amazing deal” and said he would start “negotiations on the Phase Two Deal immediately, rather than waiting until after the 2020 Election.”

What does the first phase entail? The long-negotiated deal will halt U.S. tariffs on Chinese products in stages, including the Sunday fees that would have affected consumer products like cellphones, laptop computers, and toys. In return, China agreed to buy more crops and manufacturing products from the United States. The second phase likely will involve intellectual property, technology, financial services, and trade expansion, among other things, Bloomberg reported.

Dig deeper: Read June Cheng’s report in Snapshots of China on how the trade war affects the Chinese economy.