U.S., China make progress on tariffs

BEIJING – President Barack Obama said today that the United States and China have reached an “understanding” in negotiations to eliminate tariffs on high-tech goods.

Obama said the breakthrough will help bring talks on the Information Technology Agreement to a “rapid conclusion.” Obama made the announcement during a meeting today with leaders attending an Asia-Pacific economic summit in Beijing.

U.S. officials say the progress with China includes an agreement to eliminate tariffs on goods like medical devices, semiconductors and other high-tech instruments. The White House did not put a specific timeline on finalizing a broader agreement through the World Trade Organization.

Talks on the Information Technology Agreement broke down last summer. U.S. Trade Representative Michael Froman said the deal would mark the first major tariff reduction agreement by the WTO in 17 years.

Associated Press