US and China reach phase one trade deal: source
The United States and China have completed phase one of a trade deal, a source confirms to FOX Business. Details of the deal are still being fine-tuned but the December 15 tariffs will not happen, FOX Business has confirmed along with other key points.
US-China Phase 1 Deal - What We Know
The Chinese agree to buy $50B in agriculture, but will not write that amount down on paper. It’s a verbal agreement on the number of purchases
On paper, it includes a section on stronger intellectual protections
Includes language around an end to currency manipulation by the Chinese
Phase Two negotiations will happen after the 2020 elections
President Trump is expected to announce more details tomorrow and as of now, a signing ceremony is not happening with President Xi.
Trump has stated he wanted to have the signing in Iowa.
Reports that a deal was ‘imminent’ surfaced during the final hour of trading, giving the S&P 500 and Nasdaq a lift to all-time closing highs, while the Dow Jones Industrial Average was just shy.
Earlier on Thursday President Trump hinted, in a tweet, that the two nations were "Getting VERY close to a BIG DEAL with China..."
FOX Business' Edward Lawrence and Hillary Vaughn contributed to this report.
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