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President Trump and China's President Xi Jinping, Nov. 2017. Photo: Nicolas Asfouri/Getty Images

It's been a week since President Trump touted his "phase 1" partial trade agreement with China as the greatest-ever deal for U.S. farmers — but China isn't endorsing his promises.

Where it stands: China has not confirmed Trump's claim that it will buy $40 billion–$50 billion worth of U.S. agricultural goods, and it says a final deal would require the U.S. to cancel all existing and future tariffs, CNBC reports. No final decision has been reached to determine if the U.S. will push tariff increases scheduled for Dec. 15.

  • Gao Feng, China’s Ministry of Commerce spokesperson, did not say when the partial trade agreement between China and the U.S. would be signed or when future meetings on the unwritten plan will be held, per CNBC.
  • Gao also said that China would increase U.S. agricultural purchases based on market needs, but he did not specify figures.
  • A U.S. trade representative spokesperson told the Washington Post that China had committed in the partial deal to buy $40 billion–$50 billion a year, “scaling up over two years."

The impact: Farmer subsidies from the Trump administration aimed at mitigating the effects of the U.S.-China trade war reached $28 billion in September. U.S. farmers' personal income declined by an annualized $11.8 billion between January and March this year — the biggest Q1 drop in 3 years.

Go deeper: Trump says U.S. and China reach partial trade agreement

Go deeper

Dead malls get new life

Illustration: Aïda Amer/Axios

Malls are becoming ghosts of retail past. But the left-behind real estate is being reimagined for a post-pandemic world.

Why it matters: As many as 17% of malls in the U.S. "may no longer be viable as shopping centers and need to be redeveloped into other uses," per Barclays.

White House now says Biden will move to increase refugee cap by May 15

Photo: Chip Somodevilla/Getty Images

The White House on Friday afternoon said President Biden plans to lift the Trump-era refugee cap by May 15.

Driving the news: The announcement follows stinging criticism from several Democrats and rights groups, who said Biden was walking back on his pledge to raise the limit. Earlier Friday, Biden signed a directive to speed up the processing of refugees, but kept the Trump administration's historically low cap of 15,000 refugees for this year.