US, China Reach Major Tech Trade Deal

The U.S. and China have reached an agreement to drop tariffs on a wide range of technology products, in a deal backers say could cover $1 trillion in trade, and that marks a significant accomplishment amid tensions in the Washington-Beijing relationship. The two nations struck a deal late Monday to expand the Information Technology Agreement, a global technology trade pact, to cover semiconductors, medical devices, Global Positioning System devices, and other newer products. The agreement, reached after marathon negotiations and more than a year of stalled talks, could be ratified in December by members of the World Trade Organization. President Obama unveiled the deal Tuesday morning at the APEC summit in Beijing.