The White House announced a "China trade deal" in a May 11 statement, but did not disclose details. The apparent agreement came together sooner than most observers expected after Trump's 145% tariffs on Chinese imports virtually halted $600 billion in annual trade between the world's two largest economies.

President Donald Trump is "determined to continue with a "10% baseline tariff" against all countries despite his U.K. trade deal, the White House said.