Obama announces estimated $1 trillion trade deal with China

Obama announces estimated $1 trillion trade deal with China
(Image credit: Getty Images)

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.

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Harold Maass, The Week US

Harold Maass is a contributing editor at The Week. He has been writing for The Week since the 2001 debut of the U.S. print edition and served as editor of TheWeek.com when it launched in 2008. Harold started his career as a newspaper reporter in South Florida and Haiti. He has previously worked for a variety of news outlets, including The Miami Herald, ABC News and Fox News, and for several years wrote a daily roundup of financial news for The Week and Yahoo Finance.