US reached a phase one trade deal with China in principle pending Trump’s approval

The world’s two largest economies have moved to rein in a trade war that threatens to drag on global growth. It is unclear exactly how the agreement between Washington and Beijing differs from a partial deal the president announced in October.

Bloomberg first reported that the U.S. and China reached a deal in principle Thursday.

On Thursday morning, Trump signaled optimism about an agreement with China. He tweeted that the U.S. has moved close to a trade deal with Beijing after several false starts and near misses.

“Getting VERY close to a BIG DEAL with China. They want it, and so do we!” the president wrote.

Aside from his advisors, the president also huddled with major business figures on Thursday, CNBC has learned. Business Roundtable CEO Joshua Bolten, Cummins CEO Tom Linebarger, Stanley Black and Decker CEO James Loree and Union Pacific CEO Lance Fritz, among others, met with Trump. It is unclear if the meeting overlapped with the China trade discussions.

The White House tariff offer to Beijing, first reported in The Wall Street Journal on Thursday, came last week and may have changed. Recent talks have taken place mostly at the deputy level as U.S. Trade Representative Robert Lighthizer tries to push the administration’s NAFTA replacement through Congress.

Article source: https://www.cnbc.com/2019/12/12/trump-getting-very-close-to-a-big-deal-with-china-they-want-it-and-so-do-we.html