The US and China have agreed on the text of a phase one economic and trade agreement based on the principle of equality and mutual respect, official Chinese media reported on Friday.
China and the US have been locked in a longstanding trade war that has threatened to roil the global economy.
The US has imposed tariffs on USD 250 billion of Chinese goods, having accused the country of unfair trade practices. Beijing hit back with duties on USD 110 billion of US goods, blaming the US for starting "the largest trade war in economic history".
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