The US government and Beijing have made progress on a managed trade arrangement, Trade Representative Greer said. Both nations reached agreements on a specific subset of goods they can trade to stabilize their commercial relationship. Fox News reports that the two countries will announce tariff exemptions for medical, agricultural and low-tech products as part of the deal.

The agreement covers a number of distinct trade areas to define which items are eligible for exemptions. This framework transitions the two largest economies into a managed trade situation to coordinate the flow of laurated products across their borders.