China trade

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Andy Wong/AP

BEIJING — China expressed cautious optimism Saturday about a first-step trade agreement that dials down a trade war it blames the U.S. for starting.

Marco Verch / CC BY 2.0 / foto.wuestenigel.com

Updated: Dec. 13, 6:39 a.m.

President Donald Trump said Friday that the U.S. has canceled plans to impose new tariffs on $160 billion worth of Chinese imports Sunday as part of a modest interim agreement that de-escalates a 17-month trade war between the world's two biggest economies.

Andy Wong/AP

WASHINGTON — The Trump administration and China are close to finalizing a modest trade agreement that would suspend tariffs that are set to kick in Sunday, de-escalating their 17-month trade war.