Trump: We have come to a substantial Phase One deal with China

Author: Adam Button | Category: News

White House official comments on a trade deal

White House official comments on a trade deal
  • It will take up to 5 weeks to get deal written
  • We have come to a deal on IP, financial services and 'big' agriculture purchases
  • China agreed to $40-$50B in agricultural goods purchases
  • Also agreed on currency and foreign exchange issues
  • Deal has yet to be put in writing
  • We have made progress on tech transfer, we will do more on that in Phase Two
  • Mnuchin: We also have almost a complete agreement on financial services
  • Mnuchin: We have an agreement on transparency in FX
  • There may be a Phase Three if we can't get everything done in Phase Two
  • Trump: The currency deal will be of tremendous benefit
  • Mnuchin: President has approved not implementing Tues tariffs
  • Trump: We are very close to ending trade war
  • We are working on enforcement right now, there is a provision for that
  • Lighthizer: We are down to final details on enforcement
  • Lighthizer: We are not dealing with Huawei in this deal
  • Trump: Might do a formal signing with Xi at APEC summit in Dec
  • Trump: Does not think deal will fall apart in next few weeks, but there is a possibility it will
  • Lighthizer: Trump has not made a decision on Dec tariffs yet
  • Only tariffs scheduled for Tues have been suspended
  • Trump: We will look at the blacklist and the companies that should be on it
  • We will talk about Huawei later
This was truly the bare minimum. The market would have loved to have seen a delay in the December 15 tariffs but those are still in place. You can see how stocks reacted in the final hour of trading (intraday chart):
US stock intraday
From Lui He:

  • We have made substantial progress in many fields, we will continue to make efforts
  • What changed is cooperation
ForexLive
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