White House and Beijing strike deal to avoid tariffs

President Trump reportedly reached a deal Thursday with Beijing to avoid new tariffs it was set to impose on Sunday and roll back some existing tariffs. The agreement indicates that the White House believes it is making progress in broader trade talks with China.

The White House agreed to scrap new 15% tariffs covering $156 billion worth of Chinese goods and also cut existing tariffs on Chinese goods, according to the Wall Street Journal. In exchange, Beijing will reportedly increase purchases of U.S. farm goods. The Washington Post reported that Trump was expected to formalize the agreement later on Thursday.