Trump Reaches ‘Phase One’ Deal With China and Delays Planned Tariffs – The New York Times

Mr. Trump, who just weeks ago said he was looking for a “complete” China deal, said that the two sides would now break the agreement into phases.

“It’s such a big deal that doing it in sections, in phases, is really better,” Mr. Trump said during a meeting with Liu He, China’s vice premier. “So you’ll either have two phases or three phases.”

The first phase could be signed when Mr. Trump appears alongside his Chinese counterpart at a meeting of global leaders in Santiago, Chile, in November. The next phase would begin soon after, Mr. Trump said.

Despite the announcement, the deal has not been finalized and Steven Mnuchin, the Treasury secretary, said that more work remained.

“We have a fundamental agreement on the key issues,” Mr. Mnuchin said. “But there is a significant amount of work to do.”

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