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China Announces Limited Trade Agreement With U.S.

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BEIJING — China announced on Friday that it had agreed on the text of an initial trade deal with the United States, marking a significant de-escalation in the 19-month tariff war that has rattled the world economy.

Wang Shouwen, China’s vice commerce minister, said at a news conference in Beijing that the two sides had made “significant progress” and that the agreement would result in the United States removing some of the tariffs it has placed on $360 billion worth of Chinese goods. Those tariffs would come off in phases, he said.

“This will create better conditions for China and the United States to strengthen cooperation,” Mr. Wang said.

The agreement includes a commitment by China to buy more agriculture products and to strengthen laws protecting foreign companies operating there. Mr. Wang said both sides have agreed to complete legal reviews as quickly as possible and will work out arrangements for an official signing.

The deal will come as a relief of investors, who have been haunted by the steady drumbeat of tariffs that have depressed business sentiment and stirred economic uncertainty.

It will also provide Mr. Trump another trade win that he can tout heading into his re-election campaign and as Congress forges ahead with his impeachment. The agreement came on the same week that the administration agreed with House Democrats to revise the terms of a trade pact with Canada and Mexico.

This is a developing story. It will be updated.

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