U.S., China strike par­tial trade deal

But Trump says more ne­go­ta­tions needed

Edmonton Sun - - NEWS -

WASH­ING­TON/BEI­JING — the united States and china agreed Fri­day to the first phase of a trade deal cov­er­ing agri­cul­tural pur­chases, cur­rency and some as­pects of in­tel­lec­tual prop­erty pro­tec­tions, and avert­ing a threat­ened tar­iff hike, but Pres­i­dent don­ald trump said more needed to be ne­go­ti­ated.

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 has slowed global growth.

trump told re­porters at the White House that the two sides are very close to end­ing the trade war and it will take up to five weeks to get the deal writ­ten.

He spoke af­ter talks with chi­nese Vice-pre­mier Liu He.

u.s. trea­sury Sec­re­tary Steven Mnuchin told re­porters trump had agreed not to pro­ceed with a hike in tar­iffs to 30% from 25% on about $250 bil­lion in chi­nese goods that was sup­posed to have gone into ef­fect tues­day.

but trade rep­re­sen­ta­tive robert Lighthizer said trump had not made a de­ci­sion about tar­iffs that were sub­ject to go into ef­fect in de­cem­ber.

Ma­jor u.s. stock in­dexes, which were trad­ing sharply higher on hopes of some sort of a deal, pared some of the gains af­ter the an­nounce­ment, with the S&P 500 in­dex up about 1.4%.

NI­CHOLAS KAMM/GETTY IM­AGES

Don­ald Trump holds a let­ter from Chi­nese Pres­i­dent Xi Jin­ping as he an­nounces a par­tial deal with China in Wash­ing­ton yes­ter­day.

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