The arrangement would include Chinese commitments to purchase U.S. agricultural products and other concessions. President Trump is expected to delay or cancel new tariffs scheduled to go into effect on $160 billion of consumer goods as of Sunday.

Though Mr. Trump has yet to make an official announcement, he had expressed excitement on Twitter hours before the news emerged, saying that China and the U.S. were “VERY close to a BIG DEAL.” U.S. markets rallied.

Backdrop in U.S.: Impeachment proceedings against Mr. Trump are expected to hit another milestone today with a congressional committee’s likely vote to send two articles of impeachment to the full House for approval next week, the final step before a Senate trial.

Backdrop in China: A growing number of Chinese companies can’t pay the bills they racked up as they expanded, as the world’s No. 2 economy struggles to weather its worst slowdown in nearly three decades.