By Lingling Wei and Bob Davis 

President Trump is expected to sign off on a limited agreement aimed at ending the trade war with China that would prevent new tariffs planned for Sunday and roll back some existing tariffs, according to a person familiar with the matter.

Mr. Trump met top economic and trade advisers on the agreement for an hour Thursday, and senior administration officials were making calls to tout the outlines of an agreement that they hope to confirm with Beijing as early as Friday, the person said.

A spokesman for the Chinese embassy didn't immediately respond to a request for comment.

Mr. Trump declared two months ago that the two countries had reached a framework for a limited "phase one" pact to halt the trade war and allow negotiation on possible future phases to address bigger concerns of American businesses.

But efforts to finalize the terms proved elusive until Thursday, just days before the new tariffs targeting iPhones, toys and other consumer goods were set to take effect.

Trade groups hailed Thursday's progress as a welcome respite from what amounts to additional taxes at the border. Importers, retailers and other American firms worried more duties -- essentially a U.S. tax charged at the border -- will have the effect of raising prices or hurting sales.

"We welcome the news that a U.S.-China phase one deal is imminent," said Myron Brilliant, executive vice president and head of international affairs at the U.S. Chamber of Commerce. "It will bring stability to the U.S.-China relationship, but make no mistake about it: There is still more work ahead and more problems to be solved."

Write to Lingling Wei at lingling.wei@wsj.com and Bob Davis at bob.davis@wsj.com

(END) Dow Jones Newswires

December 12, 2019 17:10 ET (22:10 GMT)