BEIJING — The United States and China have agreed to an initial trade deal that will result in a reduction of tariffs and purchases of American farm goods, marking a significant de-escalation in the 19-month battle that has rattled the world economy. “We have agreed to a very large Phase One Deal with China,” President Trump said in a tweet. “They have agreed to many structural changes and massive purchases of Agricultural Product, Energy, and Manufactured Goods, plus much more.”Mr. Trump said the United States would reduce its overall tariff rate on Chinese goods to 7.5 percent, down from the current rate of 25 percent and that a round of tariffs scheduled for Sunday would be canceled.

Source: New York Times December 13, 2019 15:13 UTC