| 1:22 PM EST

China, U.S. Agree to Phased Rollback for Tariffs

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China says it and the U.S. have agreed to simultaneously roll back trade tariffs on each other’s goods in steps that match progress on a broad trade deal.

An unnamed U.S. official confirms the rollback plan to Bloomberg News and says the process will begin when Presidents Donald Trump and Xi Jinping sign a “phase one” mini-deal regarding U.S. farm products. Envoys are searching for a venue in which to stage the signing ceremony.

But skeptical investors, noting repeated reversals in the year-old trade war to date, await further evidence of progress, Bloomberg cautions. The two core U.S. demands are for stronger protections for intellectual property and an end to China’s policy of trading access to its market for U.S. technology.

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