Wall St. rises as China, U.S. agree on context of trade deal

[steven36]

(Reuters) - U.S. stocks hit fresh record levels on Friday after China said first phase trade talks with the United States have achieved major progress and that Beijing would cancel tariffs scheduled to take effect on Sunday.

 

 

The Dow Jones Industrial Average .DJI was up 107.74 points, or 0.38%, at 28,239.79, the S&P 500 .SPX 8.97 points, or 0.28%, at 3,177.54. The Nasdaq Composite .IXIC was up 41.69 points, or 0.48%, at 8,759.01.

 

Wall Street opened lower after President Donald Trump said a report about a trade deal with China was completely wrong.

 

The U.S. will phase out China tariffs, Beijing officials say

 

 BEIJING/WASHINGTON (Reuters) - The United States has agreed to phase out tariffs on Chinese goods, Chinese officials said at a press conference in Beijing Friday evening.

 

Trump: U.S. to suspend scheduled tariffs after reaching deal with China

 

 

WASHINGTON (Reuters) - U.S. President Donald Trump on Friday said the United States had reached a so-called Phase One trade deal with China in which Washington would suspend tariffs on Chinese imports scheduled for Sunday, while Beijing would step up purchases of U.S. agricultural products.

 

“We have agreed to a very large Phase One Deal with China. They have agreed to many structural changes and massive purchases of Agricultural Product, Energy, and Manufactured Goods, plus much more,” Trump said on Twitter.

 

Trump also said the United States would curb some tariffs on Chinese goods that had already been imposed.

 

Sources:

https://www.reuters.com/article/us-usa-stocks/wall-st-rises-as-china-u-s-agree-on-context-of-trade-deal-idUSKBN1YH1D1

https://www.reuters.com/article/us-usa-trade-china/the-u-s-will-phase-out-china-tariffs-beijing-officials-say-idUSKBN1YH1SA

https://www.reuters.com/article/us-usa-trade-china-trump/trump-u-s-to-suspend-scheduled-tariffs-after-reaching-deal-with-china-idUSKBN1YH1T3