Trump announces the US and China have concluded a “phase 1' deal, that could possibly improve trade ties and scale back tensions between the two countries
The trade war between the world's two largest economies - China and the US - has rattled global financial markets.
The announcement did not include many details, however, and Trump said it could take up to five weeks to get the deal written. "There was a lot of friction between the United States and China, and now it’s a lovefest. That’s a good thing,” he said. But Lighthizer said Trump had not made a decision about tariffs that were subject to go into effect in December.
US stocks ended more than 1 percent higher on Friday but well off the day's highs after the announcement, with the S&P 500 up 1.09 percent after rising as much as 1.7 percent earlier on hopes of a deal.Trump and Chinese President Xi Jinping are both scheduled to attend a November 16 summit of the Asia Pacific Economic Cooperation countries in Santiago, Chile.
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