Speaking in the Oval Office during a meeting with Chinese Vice Premier Liu He Friday afternoon, President Donald Trump said the negotiators reached "a very substantial phase one deal". He said it also includes a deal for China to purchase up to $50 billion worth of agricultural goods from American farmers. The hike was due to have gone into effect on Tuesday. Negotiators will work on a draft and revisit it at mid-November meetings in Chile.
The currency deal will be of tremendous benefit.
Earlier Friday, China announced a timetable for carrying out a promise to allow full foreign ownership of some finance businesses, starting with futures traders on January 1.
"The timing had a lot to do with the volatility. That's the largest order in the history of agriculture by far".
In exchange, the US agreed not to proceed with an increase in tariffs to 30% from 25% on $250 billion of Chinese goods set to go into effect next Tuesday.
"China wants it badly, and we want it also", the president said.
The president told reporters on Thursday the talks had so far gone "very well".
Progress appears to have been made on some of these issues. "We are happy about it", He said.
"We are making progress towards a positive direction".
"I don't think it should be a problem getting it papered", Mr. Trump said. "To date, the deal they've been promised has not come".
"Big day of negotiations with China", he tweeted.
Meanwhile, on the corporate front, shares in tech giants Facebook, Amazon and Alphabet all closed higher on the US-China news, as did Apple, Micron Technology, JP Morgan Chase and Bank of America stocks. The Dow Jones Industrial Average was up 251 points, or 0.9%, at one point.
In response, stocks are sharply higher across the board.
Chinese and United States trade officials resumed bargaining efforts on Friday as optimism grew for the two sides to reach an interim agreement and mark a pause in their increasingly damaging trade war.
But some experts nonetheless poo-pooed the results of the negotiations and threw cold water on Trump's claims of a major victory for farmers, saying such relief could've been obtained long ago in earlier negotiating rounds. "Warmer feelings than in recent past, more like the Old Days", Trump wrote.
But even the incremental win could be a boon for Trump, who faces an impeachment firestorm and a stinging criticism in Congress for his treatment of Kurdish allies in Syria, only the latest episodes in the White House's perpetual turmoil. "All would like to see something significant happen!" Otherwise they wouldn't sign the deal.
China mainly has relied on Brazil and Argentina for soybean imports it uses to feed livestock for almost a year and a half, but the preliminary deal could shift trade to the United States. "After so much has been sacrificed, Americans will settle for nothing less than a full, enforceable and fair deal with China".
Trump and Liu have met face-to-face after previous rounds of talks and each time appear to make some progress.
Chipmakers rose broadly. Micron Technology gained more than 5%, while Xilinx jumped 4.8%.
"The Chinese Communist Party is not interested in a comprehensive deal". Apart from the standard taxes, the Trump administration set and escalated tariffs on goods imported from China, which has lead to a trade war between the two nations.
China has agreed to make 40-50bln Dollars in AG good purchases. "This is because his brand of protectionism would like to see the USA restored to its previous manufacturing glory, which is near impossible due to the higher costs of doing business in the United States as well as more stringent labour and environmental protections", he said.
- Johnson & Johnson Hit With $8 Billion Jury Verdict
- Brexit deal is essentially impossible ever, says Downing Street source
- Turkey has accidentally bombed US special forces in Syria
- Last chance Brexit saloon: British and Irish leaders to meet
- Ukraine president denies Trump 'blackmailed' him to investigate Biden
- Alexei Leonov, first human to walk in space, dies aged 85
- Trump donors charged in campaign finance case
- Trump voices optimism over US-China trade talks
- Breast cancer awareness month is here and doctors have some advice
- Nick Jonas is replacing Adam Levine on NBC's 'The Voice'