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WASHINGTON — President Trump said Friday that he had reached a “substantial” deal with China that will forestall a planned tariff increase on Oct. 15, providing a temporary détente in a yearlong trade war.
Mr. Trump, speaking from the Oval Office, said the two sides had reached a verbal “phase one” agreement that would take several weeks to write and could be signed by both sides in November.
The initial deal, which Mr. Trump said had been reached “in principle” would involve China buying $40 billion to $50 billion worth of American agricultural products, along with agreeing to guidelines on how it manages its currency. The agreement also includes some provisions on intellectual property, including forced technology transfer and would give American financial services firms more access to China’s market, the president said.