Reports Of Possible U.S.-China Trade Deal

Reports Of Possible U.S.-China Trade Deal

The current deal appears far more limited than what the White House had announced at that time, including China agreeing to help protect for USA intellectual property and to that country opening its doors to U.S. financial services firms.

Trump, with Chinese Vice Premier Liu He in the Oval Office on October 11, announced a "substantial phase one deal" of a trade pact.

President Donald Trump said that his administration has reached a "phase one deal" with China, adding that the two countries will immediately start negotiating a "phase two" trade agreement.

The world's two largest economies have moved to rein in a trade war that threatens to drag on global growth.

United States negotiators not only offered to suspend tariffs due to go into effect on December 15, but they also offered to cut existing tariffs on $360bn in Chinese goods by as much as 50 percent, the WSJ noted.

Wall Street fell in volatile trading on Friday, as investors remained confused about signs of progress on a U.S.

That so-called Phase One accord would leave numerous more thorny issues - such as Chinese subsidies - to be dealt with in later agreements.

Shares jumped in the early going after President Trump said that the U.S.is getting close to a "big deal" with China. But Steve Pasierb, who heads the U.S. Toy Association, told me had the two sides not made this agreement, it could have put a dent in holiday spirits.

The tepid reaction from traders may indicate Wall Street is holding back its enthusiasm until the Trump administration produces a signed deal that analysts can pore over.

China and the United States have reached an initial trade deal, according to China's commerce ministry while Donald Trump tweeted that both sides had agreed to a "very large Phase One Deal".

While the White House gathering may highlight continuing divisions over whether to hit Beijing with a new wave of tariffs, Trump's tweet suggests he may be willing to forego escalation for now.

China will import more US wheat and corn after the deal, China's vice agricultural minister said.

China announced early Friday that trade officials would hold a briefing at 9:30 a.m. ET.

Put off for later discussions are knotty issues such as longstanding USA complaints over the vast web of subsidies ranging from cheap electricity to low-priced loans that China has used to build its industrial might.

JEROME POWELL: People that we talked to - the many, many people and businesses that we talked to - they've been telling us all year - for a year and a half, really - that trade policy uncertainty is weighing on the outlook.

Trump's overall goal with China, a keystone of his presidency, is to uproot what Washington says are Beijing's predatory trade practices, including forced technology transfers and massive intellectual property theft.

U.S. negotiators have proposed cutting 50 percent of the customs duties on Chinese goods for about $ 375 billion, two sources said. The long-standing conflict has hurt manufacturing around the world and caused US businesses to hold back on making investments.

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