President Donald Trump and Chinese Vice Premier Liu He signed the long-awaited Phase One trade deal in an elaborate ceremony at the White House on Wednesday, marking a cease-fire in the 19-month-long U.S.-China trade war and boosting the stock market to new record highs.
Trump touted the deal to reporters in his opening comments, calling it “historic,” a “landmark agreement” and a “momentous step” toward fair and reciprocal trade. The stock market soared on the news, with all three major indexes rising to new record highs: The S&P 500 was up 0.20%, the Dow by 0.37% and the Nasdaq by 0.23%.
The deal includes agreements on intellectual property protection, forced technology transfer and currency rules, along with a major pledge from China to buy at least $200 billion of U.S. exports over two years, including a $16 billion-a-year increase in Chinese purchases of U.S. agriculture products.
While Trump lauded the deal, market experts have expressed some skepticism: There are some decent-size numbers in terms of agricultural purchases—and that’s one sector that should benefit from this—but overall we’ll see more of a return to pre-trade-war levels of Chinese purchases rather than significant new markets,” Charlie Bobrinskoy, head of Ariel Investments, toldA significant portion of tariffs—25% on some $250 billion worth of Chinese imports—will also remain in effect, at least until a...
This is BIG!!
This is so irresponsible. It makes no sense. Oh wait its the USA stock market. The worst volitle indicator of one's economy.
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