US, China announce trade war breakthrough, sending stocks soaring!
Trump, Chinese Vice Premier detail phases of partial US-China trade deal
President Trump and Chinese Vice Premier Liu He participate in a bilateral meeting at the White House.
“We’ve come to a very substantial phase-one deal,” Trump told reporters after his White House meeting with Liu.
“There was a lot of friction between the United States and China, and now it’s a lovefest. “That’s a good thing.”
Derek Scissors, a China expert at the American Enterprise Institute, described the deal as “basically some purchases and a bunch of fluff”.
Investors, however, were delighted by the progress. The Dow Jones industrial average jumped by 320 points on Friday following the news.
Trump said China had agreed to better protections for US intellectual property but no details on that subject have been released.
The President said it was likely the partial deal would be signed within four weeks.
Treasury Secretary Steven Mnuchin said discussions were “almost complete” on a pact to curb Chinese currency manipulation.
The US designated China as an official currency manipulator in August and that status remains in place.
“We have a fundamental agreement on the key issues,” Mnuchin said.
“But there is a significant amount of work to do.”
