President Trump’s tariff strategy was based on the belief that China, heavily reliant on the U.S. market, would absorb higher export costs and be forced to negotiate. However, recent data shows Chinese exports to the U.

U.S. President Donald Trump on Wednesday said a trade agreement was reached between the US and China. The final approval, however, is pending and subject to a yes from Trump and Xi. The announcement follows weeks of escalated tensions between the two countries and two days of intense trade negotiations.