President Donald Trump signed off on a phase-one trade deal with China, averting today's planned introduction of a new wave of US tariffs on about $160bn (R2.3-trillion) of consumer goods from China, according to people familiar with the matter.

The deal presented to Trump by advisers this week included a promise by the Chinese to buy more US agricultural goods, according to the people. Officials also discussed possible reductions of existing duties on Chinese products. The terms have been agreed but the legal text has not yet been finalised, the people said. A White House spokesperson declined to comment.

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, ProfileData financial data, and digital access to the Sunday Times and Times Select.

Already subscribed? Simply sign in below.

Questions or problems? Email or call 0860 52 52 00. Got a subscription voucher? Redeem it now