China and the US have announced a major agreement to slash tariffs on electronic goods around the world, bringing a successful close to what had become a major test of the world’s two biggest economies’ ability to negotiate trade agreements.
The deal unveiled in Beijing on Tuesday ends an almost 18-month stand-off that had frozen negotiations among more than 50 countries to update the 1996 Information Technology Agreement.
Speaking in Beijing president Barack Obama said the US and China have reached an “understanding” on expanding the pact that “will contribute to a rapid conclusion to the broader negotiations in Geneva”.
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