President Donald Trump is set to meet with his top trade advisers Thursday afternoon to discuss a potential agreement on trade with China.
The president has not yet made a decision on whether to approve the terms of a potential deal with China, according to a person familiar with matter.
Bloomberg News reported on Thursday afternoon that U.S. negotiators had reached the terms of a phase-one trade deal with China that now awaits President Donald Trump’s approval. The report cited “people briefed on the plans.”
This week, however, White House trade adviser Peter Navarro told Breitbart News that Americans should be cautious about Bloomberg and Wall Street Journal stories on trade negotiations, saying that they often amounted to Chinese propaganda.
CNBC’s Kayla Tausche reported that three unnamed sources confirmed that an agreement had been reached but President Trump had not yet signed off on the deal. Tausche said that China’s ambassador to the U.S. is expected to sign the deal if President Trump agrees to it.
Sometime over the past week, U.S. negotiators offered to cut existing tariffs up to 50 percent and cancel future tariffs, according to a report in the Wall Street Journal. CNBC also said confirmed this report but no official statement from the White House has been issued.
In exchange for the tariff cuts, China would make firm commitments to purchase large quantities of U.S. agricultural and other products, provide better protection for U.S. intellectual-property rights, and increase access to China’s financial-services sector for American financial firms.