President Trump reportedly signed a trade deal in principle with China. The terms are not specified. Plans to expand punitive tariffs were suspended.
Bloomberg News reported Thursday that the two sides had hammered out unspecified terms of a so-called phase-one trade agreement that was announced this fall. The deal suspended scheduled duties on $160 billion worth of additional products including smartphones, laptops, tablets, toys, and clothing.
U.S. negotiators have offered to reduce tariffs on about $375 billion in Chinese goods by 50% across the board, two people familiar with the negotiations said, and suspend tariffs on $160 billion in goods scheduled to go into effect on Sunday.
It’s a mini phase one deal to avert those tariffs, reducing tensions.
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It has been good for the stock market. There is no other information so there is no point in speculating.
It was a wild day on Wall Street, as stocks jumped on news that the U.S. and China have agreed to a phase 1 trade deal in principle. The S&P 500 and Nasdaq notched new records, gaining 0.9% and 0.7% respectively. The Dow gained 0.8%. https://t.co/hEA4pGchMW pic.twitter.com/ePz3UD09ml
— CNBC (@CNBC) December 12, 2019
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