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

United States President Barack Obama, left, shakes hands with Chinese President Xi Jinping during a welcome ceremony for the Asia-Pacific Economic Cooperation (APEC) summit at the International Convention Center in Yanqi Lake, Beijing.

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.