President Donald Trump has announced that the United States has signed a trade agreement with China and expects to finalize a deal with India soon. Commerce Secretary Howard Lutnick confirmed the signing but provided no further details.

As tariffs take effect, China’s major port cities of Shanghai and Guangdong are experiencing a noticeable slowdown in traffic, according to reports from Chinese exporters and port officials. Factory production in some areas has virtually “ground to a halt,” signaling significant impacts on the nation’s economy.