Agreement Reached on First Phase of US-China Trade Deal

The United States and China have reached an agreement on the "first phase" of a trade deal and are now taking steps towards signing the agreement.

According to the agreement, the US will gradually dismantle tariffs on Chinese imports, which is a priority for Beijing, stated Deputy Minister of Commerce Wang Shouwen, as reported by CNBC.

It is worth noting that earlier, US President Trump had announced that the agreement would be signed in the short term, as it is needed by both Beijing and Washington.