Donald Trump announced that the U.S. and China have reached a Phase 1 trade deal, de-escalating a 17-month dispute between the economic powers.
According to AP. the U.S. is dropping plans to impose tariffs Sunday on $160 billion in Chinese imports and is reducing some existing tariffs on Chinese goods. In return, Trump said, the Chinese have agreed to “massive″ but unspecified purchases of American farm and manufactured products.
U.S. stocks rose to records earlier Thursday as optimism grew that there would be a deal. Trump tweeted that the U.S. and China are “VERY close” to signing a “BIG” trade deal, also sending equities higher.
“They want it, and so do we!” he tweeted five minutes after equity markets opened in New York, sending stocks to new records.
Via AP / Fortune