US and Reach Agree on Phase One Trade Deal and Meeting With Trump for Final Approval

U.S. negotiators have reached the terms of a phase-one trade deal with China and they are meeting with President Donald Trump for final approval.

Trade advisers were set to meet with the president at 2:30 p.m. to discuss the agreement. An announcement could come by day’s end.

The terms have been agreed but the legal text has not yet been finalized.

The phase-one pact has been expected to reduce existing tariffs and delay ones due to take effect on Sunday.

The USMCA Agreement between the United States of America, the United Mexican States, and Canada is a signed but not ratified free trade agreement between Canada, Mexico, and the United States.

The USMCA and Phase 1 of a China-US trade deal should each add 0.5% to US GDP growth.