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Free trade

Obama announces estimated $1 trillion trade deal with China

On the first leg of a three-country Asia tour, President Obama announced today a trade deal with China that could be worth $1 trillion. In a deal struck by Obama and Chinese President Xi Jinping at the Asia-Pacific Economic Cooperation Summit in Beijing, both countries agreed to drop tariffs on technologies ranging from semiconductors to MRI machines. "This is encouraging news for the U.S.-China relationship," U.S. Trade Representative Michael Froman said. Read more at The Wall Street Journal.