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New Delhi, India
"Phase one" trade deal with the United States has been reached, China announced on Friday as reported by news agency AFP.
Beijing added that Washington will be removing tariffs 'phase by phase,' AFP reported.
China's vice commerce minister Wang Shouwen said that part of the "phase one" trade deal with the US includes a progressive rollback of tariffs that have threatened to roil the global economy.
"The two countries have agreed on the text of a phase one trade and economic deal," Shouwen said at a news conference, adding that the two sides now have to sign the agreement.
On Wednesday, the Bloomberg had reported the US and China are moving closer to "agreeing on the amount of tariffs to be rolled back in a phase-one trade deal," news agency Reuters reported.
(With inputs from agencies)