Topline: President Donald Trump has signed off on a
phase one trade deal with China, crucially avoiding a looming December
15 tariff deadline, after negotiators from both sides agreed upon terms
earlier on Thursday, Bloomberg
first reported.
- The
U.S. and China agreed upon terms for the so-called phase one deal, with
Trump signing off on the deal later in the day, leading Wall Street
investors to rejoice.
- After months of drawn out negotiations to
hammer out the terms of the phase one deal, first announced in October,
the news sent the stock market surging to new records: The S&P 500 and Dow Jones Average were both up by around 0.80% on Thursday.
- The deal reportedly includes promises by China to buy more U.S. farm goods, Bloomberg reported.
- According to a report from the Wall Street Journal, U.S. negotiators have offered to slash existing tariffs, which cover roughly $360 billion of Chinese goods, by 50%.
- The
U.S. will also cancel the next round of China tariffs, planned to take
effect on another $156 billion of Chinese goods on December 15, the report said.
- Included
in the deal is a promise made by China to do more to stop intellectual
property theft, and both sides agreed to refrain from purposely
manipulating their currencies...MORE
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