WASHINGTON (AP) – President Donald Trump says the U.S. has canceled plans to impose new tariffs on $160 billion worth of Chinese imports Sunday.
Scraping those looming trade penalties is part of a modest interim agreement that de-escalates a 17-month trade war between the world’s two biggest economies.
The United States is also reducing existing import taxes on about $112 billion in Chinese goods.
Trump says that in return, the Chinese have agreed to “massive” purchases of American farm and manufactured products.
A Chinese official says Beijing is ready to work with the U.S. “to do more to promote growth in trade.”
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