Embattled Trump takes victory lap on China trade deal

Donald Trump wearing a suit and tie

The Trump administration had planned next week to raise tariffs on $250 billion in Chinese goods, with another round planned to take effect on December 15 on $160 billion in imports.

As part of the initial deal, Beijing has agreed to limited measures that could see better ties between the two countries while the USA will suspending a tariff hike that was due to take effect on Tuesday. China's state-run media hailed the trade war truce with the United States as "momentous" on December 3 but warned of complex negotiations ahead, even as President Donald Trump said Beijing agreed to cut vehicle tariffs.

Other issues, such as allegations over China's use of trade secrets, will be discussed in later negotiations, the AP said.

Treasury Secretary Steven Mnuchin said that they had also reached an agreement surrounding China's currency after the United States labeled the country as a currency manipulator.

China, meanwhile, said it would increase purchases of USA agricultural products.

Trump said it would take up to five weeks to conclude the first phase and get a deal on paper, which would cover some key issues like currency manipulation.

"One of the great things about the China Deal is the fact that, for various reasons, we do not have to go through the very long and politically complex Congressional Approval Process", Trump wrote.

The scope of the agreement won't be finalized until President Donald Trump meets Chinese Vice Premier Liu He in the Oval Office later this afternoon.


It was a big recovery from overnight trading, where Dow futures plummeted 300 points after a report from the South China Morning Post said China's vice premier was planning to leave on Thursday night instead of the original plan for Friday - dashing hopes of an amicable visit.

US stocks and bonds reportedly jumped ahead of hopes for a new deal.

Trump said China had pledged to rapidly increase purchases of American farm products to $40-50 billion - a stunning feat, and more than double 2017 levels. The Trump administration has accused China of manipulating the yuan lower to give its exporter a price advantage in foreign markets.

"We have made substantial progress in many fields, and we are very happy about it", Liu said.

Trump noted that it was "a tremendous deal" for American farmers.

The preliminary, partial deal was the biggest step toward resolving a 15-month tariff war between the world's two largest economies that has roiled financial markets, disrupted manufacturing and slowed global growth.

China's official state-owned news organization Xinhua said that both sides "agreed to make the efforts towards a final agreement".

The agreement came after Chinese officials shifted their position on the trade talks over the past month, moving from an insistence on a complete removal of U.S. tariffs to a willingness to accept a partial deal that would leave many of those tariffs in place. Tensions between the USA and China escalated ahead of the discussions, with the US adding 28 entities to a blacklist. The U.S. State Department also imposed visa restrictions on Chinese officials involved.

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