BREAKING: U.S., China Said to Reach Partial Deal, Could Set Up Trade Truce

Multiple updates below.

The U.S. and China reached a partial agreement Friday that would broker a truce in the trade war and lay the groundwork for a broader deal that Presidents Donald Trump and Xi Jinping could sign later this year, according to people familiar with the matter, Bloomberg News reports.

Trump has blinked. He will end his nutty trade war since it was hurting the stock market and an impediment to his re-election bid.

UPDATE:

“We’ve come to a very substantial phase one deal,” President Trump told reporters after meeting with Chinese Vice Premier Liu He in the White House.

China agreed to purchase $40 billion to $50 billion in U.S. agricultural products and a commitment to open itself further to international financial services, Trump said. The pact that officials are calling a first phase will be finalized in three to five weeks,  Trump said after a meeting with Mr. Liu in the White House. (via WSJ)

UPDATE 2

Treasury Secretary Mnuchin indicates he’ll consider lifting a U.S. designation that China manipulates its currency once the first phase of a new U.S-China trade deal is complete

-RW