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Thread: Trump Claiming "Phase One" Trade Deal With China- China Says No Deal- just a Pause

  1. #1

    Trump Claiming "Phase One" Trade Deal With China- China Says No Deal- just a Pause

    https://www.foxbusiness.com/markets/...trade-optimism

    Trump has declared a "rough deal" in the past and things did not materialize. White House calling it "substantial" while China says it isn't a deal. Trump last year said he expected to sign a complete trade deal at Mar A Largo "very soon". US does say they will not put the October 15 tariff increases into effect. "Trade wars are easy" he once proclaimed.

    Stocks slid off their best levels of the session on Friday after the U.S. and China agreed to a "phase one deal" in the trade war.

    The deal, which has been agreed to in principal and will take three to five weeks to write, includes China agreeing to raise its agricultural purchases to between $40 billion and $50 billion from $8 billion to $16 billion, in addition to making reforms on intellectual property and financial services. The U.S. will not be raising tariffs from 25 percent to 30 percent on Oct. 15. A decision has not yet been made on the tariff increase scheduled for Dec. 15.

    A comprehensive trade deal will have two or three phases, according to Trump. China's trade team is calling the agreement a "pause" in the trade war, and not a deal.

    The Dow Jones Industrial Average was up as much as 517 points in the moments following the announcement before finishing higher by 318 points, or 1.2 percent. The S&P 500 and Nasdaq closed up 1.1 percent and 1.3 percent respectively.
    More at link.

    From February:

    https://www.cnn.com/2019/02/25/polit...ing/index.html

    Trump declares 'signing summit' for imminent trade deal with China

    President Donald Trump declared Monday he would participate in a "signing summit" with Chinese leader Xi Jinping as the world's two largest economies edged closer to a trade deal.

    It was yet another optimistic signal by the American President that a long-standing trade impasse that has resulted in a series of tit-for-tat tariffs may finally be nearing a close as negotiators inched closer to a 90-day deadline of March 1.

    "I told you last night -- there was a lovely dinner -- but I told you how well we did with our trade talks in China and it looks like they'll be coming back quickly again, and we're going to have another summit, we're going to have a signing summit, which is even better, so hopefully we can get that completed, but we're getting very, very close," Trump told the nation's governors at the White House.

    In a tweet Sunday evening, Trump wrote he would delay an increase in tariffs on Chinese goods set to take effect at 12:01 a.m. on Saturday, citing "substantial progress" on top priority issues for the administration tied to intellectual property and technology transfers after a weekend of talks.

    The US President also floated the prospect of a summit "to conclude an agreement" with China's Xi should progress continue.

    He didn't specify how long the extension of a trade truce would be or when a summit might be scheduled. During a meeting with Chinese Vice Premiere Liu He on Friday in the Oval Office, suggested it would take place sometime in March at his Mar-a-Lago resort in Florida.

    The Trump administration had been planning to escalate tariffs on $200 billion of Chinese goods from 10% to 25% this weekend if they were unable to broker a deal.
    Just two weeks later, he was saying he was "in no hurry" for a trade deal. That claim has proven true.
    Last edited by Zippyjuan; 10-11-2019 at 02:27 PM.
    Quote Originally Posted by Swordsmyth View Post
    The quality seems to have dropped significantly since I came here, I guess you get what you pay for.
    "There is always a tweet. That has become accepted fact in the Trump presidency: For every pronouncement the President makes, there is at least one tweet from his past that directly contradicts his current view." -CNN

    I am Zippy and I approve of this post. But you don't have to.



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    Trump keeps giving them chances and they keep choosing self destruction.
    Never attempt to teach a pig to sing; it wastes your time and annoys the pig.

    Robert Heinlein

    Give a man an inch and right away he thinks he's a ruler

    Groucho Marx

    I love mankindÖitís people I canít stand.

    Linus, from the Peanuts comic

    You cannot have liberty without morality and morality without faith

    Alexis de Torqueville

    Those who fail to learn from the past are condemned to repeat it.
    Those who learn from the past are condemned to watch everybody else repeat it

    A Zero Hedge comment

  4. #3
    Quote Originally Posted by Swordsmyth View Post
    Trump keeps giving them chances and they keep choosing self destruction.
    More cliches.

    Stocks were up 500 points in anticipation of a possible deal, but when disappointed, fell back 200 points.

    Trump hinted he doesn't even want a deal. "Trade wars are easy">

    Last edited by Zippyjuan; 10-11-2019 at 04:08 PM.
    Quote Originally Posted by Swordsmyth View Post
    The quality seems to have dropped significantly since I came here, I guess you get what you pay for.
    "There is always a tweet. That has become accepted fact in the Trump presidency: For every pronouncement the President makes, there is at least one tweet from his past that directly contradicts his current view." -CNN

    I am Zippy and I approve of this post. But you don't have to.



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