US, China reach 'understanding' to scrap tariffs on some high-tech goods, Obama says

President Obama said Tuesday that the U.S. and China have reached an "understanding" on a deal that would eliminate tariffs on certain high-tech goods.

Obama said that the breakthrough would help bring talks on expansion of the global Information Technology Agreement to a "rapid conclusion." Obama made the announcement during a meeting with leaders attending an Asia-Pacific economic summit in Beijing.