U.S. and China Reach Partial Agreement on Trade
On Friday, October 11th, President Trump indicated that the U.S. and China have agreed to an initial “phase 1” trade deal following a week full of high level trade negations between the two nations in Washington, D.C. While the agreement was not full scale, it did indicate some relief in the trade tensions with the postponement of additional tariffs on Chinese imports and more optimism that a larger deal was more within reach. President Trump indicated the two countries would immediately begin work towards a “phase 2” agreement, and there may be “phase 3” as well. Details of the phase 1 agreement are not yet available, however, press accounts indicated that China had agreed to $40-$50 billion in agricultural purchases.