President Donald Trump announced Thursday that the United States and China have formally signed a trade agreement, bringing an end to months of negotiations. The deal cements the informal understanding reached earlier during talks in Geneva,

The U.S. and China have signed an agreement on trade, President Donald Trump said, adding he expects to soon have a deal with India. Commerce Secretary Howard Lutnick told Bloomberg TV that the deal was signed earlier this week.

Company executives say the sportwear giant will cut its reliance on producing goods in China to ease the impact of US trade policies.

The sportswear giant, the world's largest athletics brand by sales, said it plans to cut production in China to try and minimise the impact of Trump's trade policies.

Nike expects U.S. tariffs on imports to add around $1 billion to its costs, the sportswear giant said on Thursday, detailing how it aims to reduce its reliance on production in China and mitigate the impact.