U.S. President Donald Trump is expected to announce Friday that a near-term trade deal with China has been reached, according to media reports.
Trump approved the first phase of the agreement on Thursday, nudging the two countries closer to the deal Trump initially announced in October.
China has not made any public statements indicating an agreement is imminent, a reminder about whether Washington and Beijing can reach a long-term deal that can survive intense political scrutiny in both countries.
At a regular briefing with reporters Friday, Chinese Foreign Ministry spokeswoman Hua Chunying limited her remarks about trade only to say how speculation about a deal has helped raise stock prices in the United States, China and Europe.
The proposed agreement would reduce existing tariffs on Chinese imports and waive $160 billon in new levies that are set to take effect on Sunday.
In exchange, the proposal calls for a number of concessions, including a commitment from China to purchase tens of billions of dollars’ worth of U.S. farm products.