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Trump Says U.S.-China Reach Partial ‘Phase One’ Trade Deal

Stock Markets Oct 11, 2019 04:11PM ET
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© Reuters. Trump Says U.S.-China Reach Partial ‘Phase One’ Trade Deal

(Bloomberg) -- President Donald Trump said the U.S. and China reached a “phase one” agreement Friday to broker a truce in the trade war.

Under the pact, the U.S. is suspending a planned tariff increase for Oct. 15, and China agreed to some agricultural concessions.

Still, he told reporters at the White House on Friday that the deal isn’t in writing yet. Trump said it will take three to five weeks to put on paper.

While the limited agreement may resolve some short-term issues, several of the thorniest disputes remain. U.S. goals in the trade war center around accusations of intellectual-property theft, forced technology transfer and complaints about Chinese industrial subsidies.

Treasury Secretary Steven Mnuchin said the initial deal includes opening markets to financial services firms.

(Updates with tariffs in second paragraph.)

Trump Says U.S.-China Reach Partial ‘Phase One’ Trade Deal
 

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Comments (4)
Ng Zen ng
Ng Zen ng Oct 13, 2019 8:00PM ET
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Tough guy. Remarkable well done preisdent
Peggy Liu
FunnyLabrador Oct 12, 2019 1:10PM ET
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Additional $25 Billion dollars worth of agricultural products vs. 30% tariff of $250 Billion dollar worth of goods.. that sounds like 5% discount for the Chinese. The art of the deal is more like the mirage of a deal.
Don Getty
Don Getty Oct 11, 2019 5:28PM ET
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next week the chinese won't be playing nice and the little Dictator will whine and rant on twitter and the Vix will soar for 2 days! once the market has fallen past 26000 then he will all be lets play nice! nothing is going to happen until after 2020, when he and his corrupt cronies are out!
JJ MM
JJ MM Oct 11, 2019 4:22PM ET
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Yea sure. And as soon as the selling came in...now its called “Phase 1,” and of course it’ll take 3-5 weeks to finish the illusionary deal, then the Fed has to start putting their 2 cents worth to stop the selling. Then it’ll be another 2 months to reach “Phase 2,” and so on. But many fall for all of this. Ill just sit back and enjoy this all the way to “Phase ********” Peace!
Erski Gumby
SB20 Oct 11, 2019 4:22PM ET
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You need to find the real meaning of peace. LOL
 
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