The U.S. and China reached a partial agreement Friday that would broker a truce in the trade war and lay the groundwork for a broader deal that Presidents Donald Trump and Xi Jinping could sign later this year, according to people familiar with the matter.
As part of the deal, China would agree to some agricultural concessions and the U.S. would provide some tariff relief. The pact is tentative and subject to change as Trump prepares to sit down with China’s Vice Premier Liu He later Friday.
The deal under discussion, which is subject to Trump’s approval, would suspend a planned tariff increase for Oct. 15. It also may delay — or call off — levies scheduled to take effect in mid-December. Such an agreement would be the first breakthrough in the 18-month trade war that has hurt the economies of both nations.
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WNU Editor: The markets are happy …. Wall Street rises but pares gains after news of partial U.S.-China deal (Reuters). What’s my take? There is nothing in writing. They have agreed to discuss a process on how to consult with each other on what they have agreed upon. Bottom line. This could collapse over the weekend.