"We're moving along with China. We're doing fine with China," Trump told reporters at the White House. "I think it's going to work out very well. We're right in step. I think we're going to have a very fair deal with China."

President Donald Trump shakes hands with European Commission President Ursula von der Leyen, as US Commerce Secretary Howard Lutnick, US Trade Representative Jamieson Greer and White House Deputy Chief of Staff Stephen Miller clap after an announcement of a trade deal between the US and EU in Turnberry, Scotland, on July 27.

The U.S.-Chinese cease-fire left exporters with crippling tariffs, worsening a slowdown for light-industry factories caused by China’s shift to advanced manufacturing.