UPDATE 1-U.S. reaches deal in principle on trade with China -source

The United States has reached a "phase-one" trade deal in principle with China, a source briefed on talks between the two nations said on Thursday, saying a statement from the White House was expected soon.Ahead of the meeting, U.S. Trade Representative Robert Lighthizer told senators that announcements were possibly "imminent" on U.S. tariffs, senior Republican Senator John Cornyn told reporters.U.S. negotiators have offered to reduce tariffs on about $375 billion in Chinese goods by 50% across