US President Donald Trump on Friday outlined the first phase of a deal to end a trade war with China and suspended a threatened tariff hike, but officials on both sides said much more work needed to be done before an accord could be agreed.[WASHINGTON] US President Donald Trump on Friday outlined the first phase of a deal to end a trade war with China and suspended a threatened tariff hike, but officials on both sides said much more work needed to be done before an accord could be agreed.
"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."We have made substantial progress in many fields. We are happy about it. We'll continue to make efforts," Mr Liu said. "If they couldn't agree on a text, that must mean they're not done. Wishing an agreement does not one make. This isn't a skinny deal. It's an invisible one."
Mr Trump had said previously he would not be satisfied with a partial deal to resolve his effort to change China's trade, intellectual property and industrial policy practices, which he argues cost millions of US jobs.US stocks ended more than 1 per cent higher on Friday but well off the day's highs after the announcement, with the S&P 500 up 1.09 per cent after rising as much as 1.7 per cent earlier on hopes of an agreement.