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Trump approves US-China trade deal to halt Dec. 15 tariffs

US President Donald Trump gave his approval for an initial trade deal with China, say people with knowledge of the matter. The deal entails China buying more US agricultural goods and halts the introduction of new US tariffs slated for Dec. 15.

Donald Trump and Xi Jinping at the G20 summit in Osaka, Japan. | Photo: Kevin Lamarque/Reuters/Ritzau Scanpix

President Donald Trump signed off on a phase-one trade deal with China, averting the Dec. 15 introduction of a new wave of US tariffs on about USD 160 billion of consumer goods from the Asian nation, according to people familiar with the matter.

The deal presented to Trump by trade advisers Thursday included a promise by the Chinese to buy more US agricultural goods, according to the people. Officials also discussed possible reductions of existing duties on Chinese products, they said. The terms have been agreed but the legal text has not yet been finalized, the people said. A White House spokesperson declined to comment.

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