US and China reach ‘phase-one’ deal easing trade tensions

WASHINGTON: The United States and China have agreed to the first phase of a broader trade agreement that will see the former reduce tariffs, and at least temporarily calm fears of an escalating trade war between the world’s two largest economies.

The deal announced hinges on China increasing purchases of American farm goods such as soybeans and pork, and making new commitments on intellectual property, forced technology transfer and currency.