U.S. and China Fleshing Out Trade Deal

But people familiar with the state of negotiations said the president may be overstating how close the two sides are to an agreement. They note Mr. Trump has looked to calm markets, which have gyrated in recent days, in part, because of concern that the trade fight between the U.S. and China could spin out of control.

The White House declined to comment. A Chinese embassy spokesman didn’t immediately respond to requests for comment.

If no deal is reached, U.S. tariffs on $200 billion of Chinese goods are due to increase to 25% from 10% on March 2, potentially having a big impact on electronics, furniture, machinery and other U.S. industries that rely on Chinese imports. It could also deepen a slowdown in China’s economy, which would have broad consequences for global growth.

A team of U.S. trade officials, including Deputy Trade Representative Jeffrey Gerrish and Treasury Undersecretary David Malpass

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