UPDATE 1-U.S. reaches deal in principle on trade with China -source

The United States has reached a “phase-one” trade deal in principle with China, a source briefed on talks between the two nations said on Thursday, saying a statement from the White House was expected soon. Ahead of the meeting, U.S. Trade Representative Robert Lighthizer told senators that announcements were possibly “imminent” on U.S. tariffs, senior Republican Senator John Cornyn told reporters. U.S. negotiators have offered to reduce tariffs on about $375 billion in Chinese goods by 50% across the board, two people familiar with the negotiations said, and suspend tariffs on $160 billion in goods scheduled to go into effect on Sunday.

Source: yahoo.com/news